How to add more name on deed after paid off loan?

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Hello,
I gave my money to my brothers to down the house and every year, I paid mortgage with them. Right now, my house was paid off loan already. How will I add my name to the deed as co-owner of the house with my brothers? When I require my brother to add my name on their deed, my brother told me that if he add my name to deed, I need to pay tax for the value of house $ 300,000.00 not $ 110,000.00 as when we purchased it over 15 years ago. Is it correct? How much will I pay any fee for add my name on the deed? When we bought it, the house was $ 110,000 with 15 years mortgage loan? Do I need to pay more tax when add my name on the deed? Does the deed keep by Worcester,MA City Hall County or by owner? When we bought the house, my brothers are single, right now, they are marries so I want to add my name on the deed to avoid in the future, my sister-in-laws fired me out of the house although I am co-owner as them. I told him that I agree to pay the fee but he does not want to pay more tax so he does not want to add my name on deed. He told me that nobody fired me out of house. Please explain for me if you have free time. Thank you very much. Thuy

1 Comment
  1. Reply
    Politically Correct
    May 19, 2011 at 3:02 am

    You certainly do need to add your name to the deed and your brothers are right, adding your name to the deed could be considered a gift from them to you of one third of the current value of the house so a gift of $ 50,000 from each of them.

    Consult a tax accountant to see if this transfer can be made so that it is just a change of record. If you can prove you paid one third of the deposit and one third of the principal repayments on the mortgage and lived in the house for all those years, it should be possible to demonstrate that you were a de-facto co-owner all along with no tax to pay.

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