Adding Canadian Wife to Title of House
Moderator: Mark T Serbinski CA CPA
Adding Canadian Wife to Title of House
Are there any tax issues by adding my Canadian wife to the title of our house in the US? She has a GC.....
T Butler
Watch out for US gift tax, b/c your wife is not a US citizen. The fair market value of half of the house is the gift. You are limited to a gift of USD $128,000 in 2008 to a non-US spouse before gift tax is payable.
Note, the gift tax issue applies whether you are a US citizen, or just a Canadian.
Also, check the local and State rules as a transfer tax and/or fees may be applicable.
Note, the gift tax issue applies whether you are a US citizen, or just a Canadian.
Also, check the local and State rules as a transfer tax and/or fees may be applicable.
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- Posts: 25
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- Location: Dallas, TX
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- Posts: 25
- Joined: Mon Apr 04, 2005 11:20 am
- Location: Dallas, TX
As carson sez, it is indeed a gift, but between 2 US spouses there is no limit to such a gift.
The issue is the limit of a gift bewteen spouses that are NOT US citizens, as the original poster's case is.
The issue is the limit of a gift bewteen spouses that are NOT US citizens, as the original poster's case is.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing
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- Posts: 25
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- Location: Dallas, TX
One typically refers to "our house" as the one they are living in, regardless of who paid for it. In any event, we are talink about adding one's name to a deed, not paying for half of its value for the privilege.
So, you paid for half the house (whatever that means) but did not have your name on the deed? How did that happen?
So, you paid for half the house (whatever that means) but did not have your name on the deed? How did that happen?
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing
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- Posts: 25
- Joined: Mon Apr 04, 2005 11:20 am
- Location: Dallas, TX
"One typically..." is assuming unstated things.
We are talking about adding one's name to a title, not a deed. A land title indicates ownership of the land -- any house on it just happens to add an improvement value to the land's legal plat description on the title. A land title in no way describes any structure(s) on it, nor declares any value on it -- that's the county tax record that does that. Once you have a new land title, you file it with the county, who then goes in a does "marriage name edit" and it's done with (here).
So, it's very easy for 2 married people to build a house on a titled piece of land in only one person's name, and have any other name added in process. It happens all the time -- there are legal steps to do so -- its called marriage and building a house.
We are talking about adding one's name to a title, not a deed. A land title indicates ownership of the land -- any house on it just happens to add an improvement value to the land's legal plat description on the title. A land title in no way describes any structure(s) on it, nor declares any value on it -- that's the county tax record that does that. Once you have a new land title, you file it with the county, who then goes in a does "marriage name edit" and it's done with (here).
So, it's very easy for 2 married people to build a house on a titled piece of land in only one person's name, and have any other name added in process. It happens all the time -- there are legal steps to do so -- its called marriage and building a house.
...Bill