If someone wills you a piece of property are there any additional taxes you are responsible for?

Question

I need to know if you share ownership on a piece of property and the other owner dies do I have to pay additiional taxes on it VS the land is just given to me in a will when the person dies and my name is not on the land at all until they will it to me? Is the end result in these two cases the same or is one sitiuation better than the other as far as tax purposes go?? Please help me out!!!

Answer 1

Yep. Property Taxes, Whether back or future. Inheritance tax

Answer 2

Well, if you are half owner with another person, you would jointly be responsible for the taxes NOW. If you later inherit half the property from the other party then you would be solely responsible for the taxes at that time.

If you are not an owner at this time but later inherit the property in entirely you would only owe property taxes THEN.

Whether there would be other taxes (because of the inheritance) would depend upon the worth of the property. To be safe, and to figure out which situation is better for you, consult an attorney (tax or real estate specialty) with the same questions. Laws differ from state to state, and no one is practicing law on this site, just giving what we hope is a common sense opinion. Since we don't know where you live, there would be no way of giving you correct information for sure. This question might take five minutes for an attorney to give you the answer and might end up saving you lots of money - might be worth the investment.
Many parents divest themselves of their property over a period of years and give it to their children. If this is the case, you need to find out what the current rate of gifts allowable (cash or property) to receive without having to pay tax. The attorney can tell you the most efficient way to do this.
Hope it works to your advantage.

Answer 3

Inheritance tax and future property taxes.