Q: If a parent put real estate in adult childs name, is there taxes or laws about that said child selling it?
An adult who put real estate in adult childs name and it has been there for over 5 yrs. and the parent has been living there but if the parent has to move is there restrictions on the adult child selling said property or is there tax issues or pentalities if it is sold or is there a longer waiting period
A: You should have lost the Homestead exemption if you weren’t living there, but the real estate and transfer taxes should be the same as a normal transaction when you sell it as long as your title was recorded five years ago. You might have a title agent or lawyer look up the tax and title records for you.
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