I am his daughter age 65. How is the best way to do this for tax laws ?
2007-09-06 06:09:19 · 3 answers · asked by Indy 1 in Politics & Government ➔ Law & Ethics
I am his daughter age 65 . How is the best way to do this for tax laws? I will be living in the home located in florida.
2007-09-06 12:54:49 · update #1
Consult a lawyer with experience in estates. Signing over a house to you may leave you with a large tax bill as opposed to inheriting it. It will be worth the $100.00 or so you pay.
2007-09-06 06:16:06 · answer #1 · answered by Bill 7 · 0⤊ 0⤋
Professional counsel which you should get rather than relying on the free gurus here like me would probably recommend putting the property in a family trust with you as the beneficiary. This would transfer the property to you when he dies with the tax basis stepped up to the current value. If he deeded it to you know, you would get his tax basis and a much greater taxable profit if you sell it.
2007-09-06 06:22:11 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Ooh, you better check with an attorney to make sure the timing is right. In some states, it has to be out of his name for at least 2 years before he dies or it is taxed to pieces. If you don't live in it, you may be taxed to pieces. In other states, it may be just a simple gift deed. Lots of variables.
2007-09-06 06:15:33 · answer #3 · answered by Flatpaw 7 · 0⤊ 0⤋