will my taxs increase if i add my brother to my deed?
473062
In Arkansas (where I live) it won't increase your taxes but make sure you really want your brother on your deed.  Do you realize that his creditors can attach half your property that is in his name and do you realize that he must sign if you want to sell your property?  What if you have a falling out...
1087606
You should call the Clerk of the Court for your county.  It's possible that a transfer of title to a family member (sharing title with them) will not be taxable, since it's not a "sale" and they are part of your family.
1060174
As I understand it, ANYONE can pay the taxes or the payments, but it doesn't belong to you until the deed is transferred to your name and recorded.
904701
The mortgage is not relevant for taxes.  You need to know your tax basis in the property.  Normally, property received by inheritance is valued at the time of death to determine basis.  This means you should not have a capital gain.  You said the house is "in trust".  If this is true, neither you or your brother own the house, the trust does.  Your ability to "cash out" is determined by the terms of the trust and the decision of the trustee.  You need to consult and attorney who needs to read the trust documents.
706662
You relative will have to qualify with the lender and pay an assumption fee. If the assumption fee, which is probably hefty, is more than the difference between today's rate and the 5.5% on a monthly payment for more than 2 years, then it might not be worth it depending on how long they plan to keep the property. Also, this relative will not be able to take the tax advantages unless the lender recognizes him as the borrower. Be aware, that selling to him on paper without the written permission of the lender will trigger a "due on sale" clause and he will have to get a new loan. Also, to protect yourself, you must make sure the lender completely removes you from all responsibility. In most cases, if the new borrower defaults, they can still go back on you, so get the removal in writing. If this relative is a first-time buyer, meaning he hasn't made a property purchase in the last 2 or 3 years, he should look into some of the first-time buyers programs that will give a reduced rate. A lot of mortgages say they are not assumable, but I think you will find that if you go to the bank, they will work with the relative.\n\nThere is another way, but it is complicated and you will want to speak with a CPA with regard to tax consequences for all parties. It is called a wrap around mortgage. I think you will still have to keep your name on the deed to the house, though, in order to not trigger the "due on sale" clause. Start with the bank and please don't try to circumvent them. It could blow up on you.  The difference between a 5.5% and todays rate is substantial, so he should try it.
445350
I agree, get an attorney. You also might want to talk to your brother about refinancing and getting rid of your name.
966982
Real estate taxes are reassessed when a transaction for consideratio occurs. In this case, is money changing hands? If no, then the transfer is "without consideration" and taxes remain the same.
65707
Probably not.  Get your brother to give it back to you.  Has it been filed with the County Recorder?  See an attorney.
291282
If you've lived in your home for at least two years, then capital gains taxes probably don't apply at all, due to a new tax law inacted in 1997.  For more information, read here:\n\nhttp://www.bankrate.com/brm/news/real-estate/20041018a1.asp\n\nI'm not an accountant, but this is something I recently discovered too.  (In other words consult your tax advisor before acting on this information.)
442043
You need to declare where the money is coming from (the bank will require this information from you anyway), but you should not have any problems. As far as taxes, I believe this would count as additional income for you and would have to be declared on your next income tax form. You could get more detailed info with a bank, the Treasury dept. and IRS. Good luck with your new house!
773651
There are a lot of options - remember a trust is a legal entity iteself and can pay taxes. There are many different types of trusts. One thing is your brother can buy your share in the trust vs. the trust selling the property and making disbursements to the trustees. You should get your lawyer to make a plan for you - there might be things that can be done depending on how you want to use your share of the trust money
277802
Probably.  There is a heirarchy when they come to atach your wages, and taxes are very high on the list.
358266
If it's your main residence and you live in the UK no. If it's not your main residence you pay capital gains tax. You have an allowance for capital gains for the year 2006 to 2007 of £8,800 so you pay tax on a gain over that. you should also adjust for the effects of inflation - check the finance pages on TV teletext - there used to be a chart for that on there - not sure if there still is. Outside the UK the tax rules are probably similar - ask your local IRS office. Incidentally, capital gains applies to the sale of a copyright so if you write a magazine feature in the UK and get paid up to £8,800 in this financial year - you won't pay tax on it. Assuming you haven't used your allowance for something else. Capital gains tax does not apply to cars, household furniture, etc. Basically, stuff that goes down in value normally. So you can't offset the loss on a car against a gain. But a gain on a car is tax free (as long as you don't sell them as a business).\n\nThat is one hell of a top answer! 10 points!
180903
A "grant deed" is the common form for this. There may tax implications by changing title. Consult a Real Estate Lawyer.
751353
Tax is always based on the point of delivery.  So yes, you will need to set up a separate code, not only for the State/County tax combination, but State/County/City.
647864
First of all, it depends on when you inherited it and when you are selling it.\n\nYour "basis" in the property is what it was worth at the time of the death of the person you inherited it from.\n\nIf that was a while ago, the property may have increased in value.  If it was recently, or in an area not experiencing increased value since you inherited, it may be at or near the same value as your "basis" at the time of their death.\n\nThe difference between your "basis" and the current sales price of the property is called the "capital gain" and it is all that you will be taxed on.\n\nEXAMPLES  \n\nIf value @ death was $35,000.00 and you are selling for $35,000.00 - NO TAX (no gain because the basis is as same as the sales price)\n\nIf value @ death was $25,000.00 and you are selling for $35,000.00 - $10,000 Taxable Capital Gain\n\nAs for the tax rates, that is where my expertise pretty much ends.\n\nThere are Long Term Capital Gains and Short Term Capital Gains, and I do not know the length of time for each, nor whether or not there is a difference because the property was inherited and not purchased.  They are taxed at different rates, and those rates have nothing to do with your income level or any other particulars other than the time the capital asset (the property) was held by you. \n\nFor this you will need to speak to an accountant or tax advisor, but I hope you have a better understanding now of what questions to ask to get a complete answer from them.\n\nGood luck and take care.
276770
Be careful, if you are inheriting a deceased estate there may be some tax implications, depending on the assets in question. Speak to a tax accountant or financial planner for current advice. Better yet, speak to at least 2, that way you get a balanced opinion on the issue. \n\nCheers, L