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What form is needed to remove my son's name from my property deed?

What form is needed to remove my son's name from my property deed?

Full question:

I want to remove my son's name from my property deed so I may have a senior discount on taxes, what form do I use?

Category: Real Property
Subcategory: Deeds
Date: 04/07/2025
State: New York

Answer:

The answer will depend on whose names are on the current deed. For example, if there are only two people listed as owners on a deed, and they wish to transfer the property into only one person's name, they would execute a deed from two individuals to one individual.

A warranty deed contains certain promises about the clear nature of the title, and that there are no undisclosed claims on the property. A quit claim deed makes no such assurances, and transfers the title subject to whatever claims may exist.

We can assist you with searching to locate forms or we can draft add forms you may need to our database. However, we cannot advise you to use one particular form over another that address the same matter. We can show you what is available. Please take a look at the deed forms at the links below and see if they fit your need. If they do not, let me know and we may be able to add a form for your need.

This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.

FAQs

Do property taxes go down after age 65?

In many states, property taxes may be reduced for homeowners aged 65 and older. This often comes in the form of exemptions or discounts, which can lower the assessed value of the property for tax purposes. However, the specifics can vary by state, so it's important to check with your local tax authority to understand the eligibility criteria and application process for any available benefits.

What is the best way to transfer property to a family member?

The best way to transfer property to a family member often depends on your specific situation and goals. Common methods include using a warranty deed for full assurances of title or a quitclaim deed for a simpler transfer without guarantees. It's advisable to consult with a legal professional to determine the most suitable method for your circumstances.

Is it better to gift or inherit property?

Whether it is better to gift or inherit property depends on various factors, including tax implications and personal circumstances. Gifting property can trigger gift tax liabilities, while inheriting property may allow for a step-up in basis, potentially reducing capital gains taxes upon sale. Consulting a tax advisor or attorney can help clarify the best option for your situation.

How to transfer property to a family member tax free?

To transfer property to a family member tax-free, consider using the annual gift tax exclusion, which allows you to gift a certain amount each year without incurring gift taxes. Additionally, transferring property as part of an estate plan may allow for tax-free inheritance. Always consult with a tax professional to ensure compliance with current tax laws and to understand any potential implications.

What are the tax consequences of removing a name from a deed?

Removing a name from a deed can have tax implications, including potential gift tax liabilities if the removal is considered a gift to the remaining owner. Additionally, it may affect property tax assessments and eligibility for certain exemptions. It's important to consult with a tax advisor or attorney to understand the specific consequences based on your situation.

Who is usually exempt from property taxes?

Exemptions from property taxes often apply to certain groups, such as senior citizens, veterans, and individuals with disabilities. Some states also offer exemptions for low-income homeowners or specific types of properties, like those used for religious or charitable purposes. Check with your local tax authority to see what exemptions may be available in your area.