What is the best way to transfer deed of rental property with the least amount of tax liability?

My mom and dad own rental property in CA. My mom pasted away in 2000 and so her name was replaced with mine on the deed along with my dad's as joint tenancy of the property. We now want to put the entire property into my name alone. what is the easiest and cheapest way to do this and what type of tax liability would we incure?|||Your dad can see a lawyer. The deed can be changed, but here's the deal,





Dad's half of the property is worth what? If it's worth more than $13,000, then he's making a taxable gift to you and has to file a form 709 with the IRS. If this is the first taxable gift he's ever made, he won't actually have to write a check until the cumulative gifts are more than $1Million (this does count as part of his estate when he dies).|||The easiest way to transfer property to anyone might not be the best way to transfer property from one person to another person.





Call a local title company, make an appointment to get the deed transferred to the one that will own the house. Tell the title company what you want to do. The title company will normally charge a fee for their services. You might ask, when you call of the cost for their service.





After all have signed the proper deed the title company will then ensure that the deed is properly recorded at the county recorders office that the property is located in.





Please use a title company and not an attorney for this transaction.





Going through a title company could prevent possible legal problems in the future.





Your tax consequence would normally depend on the tax bracket you and your father are currently in as well as the value of the property being transferred.





For any legal and tax matters you should consult with your attorney and tax consultant.





I hope this has been of some benefit to you, good luck.





"FIGHT ON"