Q & A: What tax do I have to pay if my parents ... - Finance information

Question by cooluni : What do I have to pay tax if my parents transfer a title of their home to me as a gift in AZ ?
My parents are not residents here in the states and live in south Korea. They purchased a house in Arizona with cash so it is completely paid for. They want to transfer the title to my name as a gift. What is the process of getting this done and what type of tax Consequenses do I or they have to pay? If anyone knows, please let me know, thank you. Best answer:

Answer by Regina W
I would check with the State of Arizona. More than likely you will have to pay a ?luxury tax? and property taxes. How blessed you are to own a home without paying for it! Honor your family by taking good care of it!

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Source: http://www.lovefinanceinfo.com/2012/02/q-a-what-tax-do-i-have-to-pay-if-my-parents-transfer-a-title-of-their-home-to-me-as-a-gift-in-az/?utm_source=rss&utm_medium=rss&utm_campaign=q-a-what-tax-do-i-have-to-pay-if-my-parents-transfer-a-title-of-their-home-to-me-as-a-gift-in-az

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