New Mexico Beneficiary Deed

Q: Does a beneficiary deed avoid capital gains tax?

The beneficiary acquires ownership on the current owner&#039;s date of death. If the beneficiary later sells the property, any capital gain will be based upon the value of the property at the original owner&#039;s date of death, not the value when the original owner acquired the property.

Category:

Real Estate - Deeds - Transfer on Death

State:

Multi-State

Control #:

US-03279BG

Format:

Instant download

Description

A beneficiary deed is a another type of real property deed used to transfer property. By signing and recording a beneficiary deed, an owner of an interest in real property may cause the owner's interest in the real property to be conveyed to people or entities upon the owner's death. The interest in real property conveyed by a beneficiary deed does not take effect until the death of the owner, at which time that interest transfers automatically by law to the designated grantee named in the beneficiary deed.

This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.

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How to fill out Beneficiary Deed?

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FAQ

To transfer property ownership, a new deed with the new owners name must be filed with the Valencia County Clerk. located at 444 Luna Ave, Los Lunas, NM 87031. Phone 505-866-2073.

The law in New Mexico allows an owner of real property (land or house) to transfer that property to another person (grantee beneficiary) through the use of a Transfer on Death Deed (TODD).

The beneficiary acquires ownership on the current owner's date of death. If the beneficiary later sells the property, any capital gain will be based upon the value of the property at the original owner's date of death, not the value when the original owner acquired the property.

Cons To Using Beneficiary Deed Estate taxes. Property transferred may be taxed. No asset protection. The beneficiary receives the property without protection from creditors, divorces, and lawsuits. Medicaid eligibility. ... No automatic transfer. ... Incapacity not addressed. ... Problems with beneficiaries.

A beneficiary deed is a type of deed that transfers property to a beneficiary. Most deeds transfer property in the present. In contrast, a beneficiary deed can be used to make arrangements today to pass down property in the future.

New Mexico law requires Form RPTDA when a deed transfers residential real estate to a new owner. A completed Form RPTDA must be signed by the current owner, new owner, or authorized agent and filed with the county assessor within 30 days after the deed is recorded.