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Q

If a parent is gifting home to son via warranty deed and no mortgage is there doc stamps due on fair market value. Being that there is no mortgage there is no consideration but there is a change in beneficial interest.

A

For many years the county would not tax on such a transfer, however, due to the lack of funds in the court they have now been sending tax notices to owners several months after the fact asking the doc stamps for what the property appraised for as the fair market value for taxes. The county claims there is consideration of what the house was worth, as your son is getting a house that has value.

So if you do a deed to your son, you can just state that it is being transferred for nominal consideration -0 – but there is a good chance that you will get a notice in the mail stating you owe recording fees for the transfer, based on the value of the house.  I believe it is 90 cents for every 100 dollars.  So you can take your chances, but there is a chance that you will have to pay the doc stamps.

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