QUESTION
inherting a house from my dad ..should he put my name on the deed before he passes or do I have to pay taxes if he doesnt?
Asked on Nov 02nd, 2012 on Business Law - California
2 ANSWERS
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You might add your name to the deed as Joint Tenant with Right of Survivorship, but an answer you can "rely" on would involve hiring an attorney to investigate all the facts. The beneficiary of a will does not pay the taxes, the estate of the deceased pays the taxes. You might also consider consulting with your family CPA.
Answered on Nov 05th, 2012 at 12:11 PM
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Whether or a lifetime or estate transfer will be more beneficial depends on a lot of factors, including the tax basis of the transferor. You should consult with an attorney to whom all of the relevant facts can be disclosed. This is not the right forum for resolution of a fact-specific question like this.
Answered on Nov 02nd, 2012 at 8:59 AM