Will you pay tax on the sale of your home? Likely not, unless you have gains that are more than $250,000 or more than $500,000 for married couples.

Until 1997, once you reached the age of 55, you had the one-time option of excluding up to $125,000 of gain on the sale of your home providing it was your primary residence.

Now, anyone, regardless of age, can excludeup to $250,000of gain or $500,000 for a married couple filing jointly on the sale of a home.

That means most people will pay no tax unless they have lived there for less than 2 out of the last 5 years

There are many reasons you may want to add someone to the title of your home. Maybe you just got married and would like your new spouse listed as part owner of your home. Or you may want to add an adult child to your title for estate planning purposes.

Whatever the reason, you will need to retain an attorney, experienced in real estate, to draft a new deed conveying  your home  to yourself and the person you wish to add to your title. In addition to the deed, your attorney will also need to prepare transfer tax returns.