 |
|
| Browse | Ask | Answer | Search | Join/Login |
|
|
||||
|
Unfortunately your father will die, no ifs or ands about it. He may leave the property to you if you are alive. Different states have different laws on inheritance taxation. The federal government also gets a share of estates over an amount which I can't remember, but it is more than a million dollars. The states that do tax inheritances have exemptions. Chances are there would be no taxes. You might want to have the house put in both your names by deed. When he is gone his interest vanishes leaving you the sole owner.
|
||||
|
||||
|
There is no federal tax on inheritances. For state tax, check at state web site.
Now your cost basis of the house is the fair market value of the house at the date of death; it is not the cost basis of your father. For more information read: Your U.S. Tax Return: Tax on Inheritances |
||||
|
||||
|
Putting your name jointly on the deed does NOT take the house out of your father's estate, but it WOULD make the probate process a LOT easier.
The federal exemption of estates is at $2 MILLION, and most states mirror that exemption level, so it is likely no estate or inheirtance taxes will be due. A call to the local state tax office will confirm or deny this assumption. |
||||
| Question Tools | Search this Question |
Add your answer here.
Check out some similar questions!
My husband's family gave him a piece of land as inherited property while we were married. If we build a house on the land and later down the road get a divorce, am I intitled to 50% of the property and house?
I inherted a house after my mother passed away, theire was mortgage on the property and my cousin lived in the house and paid only the payment, is this considered a rental,the house has been sold recemtly , I am not sure how to list it on my taxes
My brother and I inherited my grandmothers home in California in 1996. My brother has been living in the home since then. We both have equal 50/50 ownership in this property. The house was long ago paid for and there is no mortgage. My brother has now obtained a mortgage for half of the current...
I inherited a home from my mother. The home was sold six months from the time of her death, and no improvements were made on the home. Do I have to pay capital gains tax?
When daughter inherits home from parent and moves into the home, is there an adjustment to the property tax base in California? Currently taxes are extremely low but house has increased in value since purchase 40 years ago. House is held by trust.
View more questions Search
|
