My brother, sister and I quick claimed my elderly fathers home back 10 years ago. When he passes away what are the tax implications for us. We did not have the house apprised back then.
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My brother, sister and I quick claimed my elderly fathers home back 10 years ago. When he passes away what are the tax implications for us. We did not have the house apprised back then.
Basically your father gifted the house to you ten years ago (I am assuming that your names are now on the deed, not your father's). Therefore it is not part of his estate, and consequently there are no immediate tax consequences when he passes. However, your cost basis in the property is equal to his original cost basis - so if you don't already know what that is I suggest that you find it out from your father while he is still alive. The cost basis would be equal to his original purchase price plus the cost of any capital improvenments he has made over the years. Then if/when you ultimately sell the property you will have capital gain on the difference between the proceeds you receive and this cost basis.
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