I have a question that is kinda confusing...

If my husband has property that is in his Dads name, do we need to pay taxes if we transfer it in my husbands name?

Is it discounted some how?

Does anyone know this tax rate?

Im not a title expert, nor know anything about this, we want to tear down the house and build a new one with a seperate 4 boat garage... but the fear is that we will have to pay some huge tax fee just to put it in his name...

Or does anyone know or have a recomendation of a company we can call?

You should be able to quit claim deed it without any tax depending on the value if I remember correctly.

I'm pretty sure he's right, but you should call a title company.

LTF365....

I'm the assistant manager of a title and escrow company.
PM sent.

SWEEEET...we are lost at even where to begin...thanks guys..c

We did the same thing with our current property. Quit claim from inlaws in considerations of "Love and affection" (gift). We had to pay some really minor fees, like recording, but no tax liability was incurred other than picking up the tab for property taxes.

As long as there is not any debt on the property, there is an exemption in the WAC codes for that type of conveyance. If there is debt on the property being conveyed then excise has to be paid with the amount being based on the remaining balance of the loan.
The bigger issue is how the IRS views the conveyance. Does the gift creaste a taxable event by IRS rules since there is a limit on how much can be given as a gift in any one year without it triggering a tax for the amount above the gift exemption.
If you sell a property that you have received as a gift, how is your property value basis figured?

These are the questions that a tax expert needs to help a person with. I have seen folks get bent over backwards by the IRS when all factors concerning a real estate gift have not been considered before the conveyance.

Great points Chuck!

Since you're in a real estate affiliated field, you know how easy it is to be wrong based on somebody not giving you all the info. I had a major a$$ chewing years ago when somebody got nicked with a big IRS bill and decided it was my fault since I'd helped him get his gift QCD recorded which he later sold. When Uncle Sam came around to collect their share, the guy wanted me to pay it since I'd given free advise him.
This was years ago when title companies could be more helpful than we can now because opf rule changes and case law.

It just drives home the fact that no good deed goes unpunished.

you are the man Chuck...thanks bunches...the property is paid for, house and all land, which makes it a good thing...but we were looking around and found that there could be some kind of peanalty for his dad becuase he is older, and has to do with medicare, im not sure, but we are looking into it..i think it has to do with him being 89 and giving things away....

i know about the 10,000 dollar per family member thing, due to my grandpa now being 101 come this valentines day, he has prob over 500 grand and 9 houses in the bay area...he worked hard for that, had 9 kids, so he could leave each one a place, but never thought he would have to start giving away his money before he died...it is amazing how much tax you need to pay in this world sometimes...

and people are ruthless when it comes to suing...crazy little world...c

Yeah, ours was well within the gift ceiling and there was no subsequent sale involved.

As usual, consult a tax attorney and accountant. Free advice might just be what you pay for it.