You are ready to gift one of your investment properties to a family member, but unsure how to go about it. Your son has been living in a home of yours, and paying you rent, but you want to gift him the property.
What steps do you begin to take? Do we need to sign a new deed? Will this affect mine or his taxes next year?
We have seen this scenario more than once in our office, and David sits down to discuss what steps he has taken to help navigate this thoughtful gift.