What is the best way to transfer property from an elderly parent to thier children with out paying tax?

Answer:    a Quit Claim Deed ............
report it as a gift?
In California, they simply have to give it to them. Transfers between parent and child do not prompt an increase in your property tax. Just make sure someone actually files a title change for you.
I would check with your real estate attorney. Such transactions, as a former title insurance employee, can be tricky.
My husband and I live in Ohio. His mother arranged a life estate with us. We avoided taxes up front but now when we go to sell there will be taxes.
Is the property paid off? Get in touch with a title company. I work with a bunch of them all over the U.S... I'm a Mortgage loan consultant. So I run into these types of things all the time.
The title company can transfer title as long as the house is paid in full. If there is not a mortgage and it's paid in full a gift would be the best bet. Then if you wanted to get some cash out to fix up the place or pay off some debt, you could do that one day after title is transferred in your name and it's deeded in your name as well. If you have some questions give me a call tomorrow morning at work. 800.546.9080 ext . 199
My company is called Equity Consultants
www.Equityconsultants.com is our website.
My name is Rob. Good luck
I believe the child would have to buy it.
STOP! The previous answers are all wrong! In California, yes you can transfer the property from parent to child (if it's your principal residence) without an increase in your property taxes. This is also not true in every state so you will need to check your local laws. HOWEVER, this does not have anything to do with your Federal or State taxes. ANY transfer of ownership is taxable. Gifts in excess of $11,000 annually are taxable to the giver (the parent). This type of transfer must be structured very carefully. Just deeding the property does not work and can cost you hundreds of thousands of dollars in taxes depending upon your gain in the property.

As a licensed tax preparer, Realtor, and nationwide mortgage broker, I am aware of all aspects of this type of transfer.
Please contact me for further assistance.

Due to the nature of the questions and limited answer space, all answers provided are not to be considered legal advice. Please double check with your chosen professional before acting on any advice supplied over the internet. All information is considered accurate at the time, but is not guaranteed.

Steve Larson
You need a will. A living trust. Call a real estate lawyer.
Wait a minute. You need to consider property taxes (usually local) and gift and estate taxes (federal and state). Your local and state laws will determine whether this transfer will result in an increase in property taxes. Federal and state tax laws will determine whether and how much your parent will have to pay in gift and estate taxes. Of those two concerns, the gift and estate taxes will likely be much greater. If your parent gives you more than $11000 per year, anything over that can be taxed by the federal (and possibly your stat) government at a very high rate (assuming that your parents already reached their cap). Either way, your parent should not consult a mortgage broker or a tax preparer. They need to consult a tax attorney who will plan your parent's estate properly. This is not a simple issue.

Generally speaking, when an elderly parent wants to give property to their child, they are trying to qualify for some low income program. Your parent's attorney will be able to structure the transfer with a minimal tax burden, while at the same time ensuring that your parent is still eligible for that government program.