How do I transfer title to mobile home without tax penalties?

My dad died a few months after purchasing a brand new mobile home as a gift for his ailing sister. The mobile home was left to me and my 2 siblings upon dad's death. The mobile home is on land belonging to my cousin (son of my aunt living in the mobile home). In other words, my siblings %26amp; I now own a mobile home in another state that sits on land we do not own. There is some resentment among my siblings because my dad purchased this home for my aunt. His intentions were to ask her for rent, but this had not started when he died. My aunt says she can't afford any rent. I would like to be done with all of this and just give her the mobile home. My siblings would like her to buy it or rent-to-own. But, it's not on her land- it's on her son's. I fear she will die and we'll be forced to remove the home from the property at our expense, then attempt to sell it, all while living 2 time zones away. Is there any way we can just give the home to my aunt without incurring taxes we can't afford?

How do I transfer title to mobile home without tax penalties?
You should contact an escrow office in the area the mobile home is located %26amp; ask what closing costs are associated to your situation (Grantor/Seller pays what %26amp; Grantee/Buyer pays what) %26amp; your intent is "gifting" this mobile home to your aunt.





You could relay it that you'd like the equivilent of a Quit Claim Deed for a mobile home that is not on owned land.





Typically, on a mobile home that is not on deeded land, the buyer pays sales tax (you as a seller do not pay excise tax), just as they would on a car or RV. Also, typically, these transfers do not need to be handled by an escrow or title company %26amp; simple done through the transfer of the license. The escrow company will be able to tell you how it needs to be handled.
Reply:First, there is no inheritance tax. If you sell the property you must pay capital gains tax on it, unless you make it your residence for 2 years and own it for 5 years.


You would only be responsible for the taxes on the profit of the sale(capital gains).You could sell it to your aunt for $1 if you want to. Make sure your aunt pays the personal property taxes on it first All siblings and their spouses would have to agree and sign the title. Then you would just be done with it.


You are right. You could end up being responsible for it later on if you continue to own it(including personal proerty taxes).


You and your siblings have to decide and agree if the property's value is worth it or not, and if your aunt is worth it or not.

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