My parent own a home in New Orleans. The home is all paid for. How can they transfer the title to their child?

How can they transfer the title/deed to their oldest child with out tax?My parent own a home in New Orleans. The home is all paid for. How can they transfer the title to their child?
They cant do it without taxing. The child has to pay gift tax on the value of the house.My parent own a home in New Orleans. The home is all paid for. How can they transfer the title to their child?
They can add them to the deed as an owner. Then when it is recorded (time varies by county) they can do a quit claim deed to remove themselves.





IDK what these other people are talking about.





Here's a form to transfer deed to child upon parents death, http://www.uslegalforms.com/la/LA-021-77鈥?/a>


I don't live there so you may want to check with an attorney to verify this can be done while they are still alive as states have different rules.
The parents will have to file gift tax forms if the value is more than $26,000.





When the property is sold, the child will owe capital gains on the difference between the sales price and their parent's cost basis.





Lastly, such a move will often cause ill will among their other children.
talk to a home owner person.