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Are there tax implications for Right of Survivorship Deed between parent and child

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MichaelBarbee Joined: 25 Feb 2010 Posts: 1 1.00 Dollars($)	Posted: Thu Feb 25, 2010 6:27 pm    Post subject: Are there tax implications for Right of Survivorship Deed be Like 0 Dislike 0 My father and I (I am the only living child) would like to create a Survivorship Deed for the house he lives in in GA. I live in CA. Are there tax implications for me that would be different if the house were left to me in a will?
jameshogg Joined: 20 Dec 2005 Posts: 10477 Location: Nevada 990.06 Dollars($)	Posted: Thu Feb 25, 2010 9:16 pm    Post subject: Like 0 Dislike 0 Hi MichaelBarbee, If your father leaves back a will, then that needs to be probated. It's better to have a survivorship deed in place as you will be able to directly get the property after your father's death. I don't think there would be any tax consequences if you go for survivorship deed. However, have a word with your tax expert in this regard and he would help you. Thanks
Shelby Guest	Posted: Tue Apr 20, 2010 10:40 am    Post subject: selling my interest in home to nephew while my Dad is still Like 0 Dislike 0 My father and I own a house with right of survivorship. My nephew wants to purchase my half of this. Can we do this legally or should he wait until my dad passes away?
jameshogg Joined: 20 Dec 2005 Posts: 10477 Location: Nevada 990.06 Dollars($)	Posted: Tue Apr 20, 2010 9:44 pm    Post subject: Like 0 Dislike 0 Hi Shelby, You can do this while your father is alive. You will have to sign a quit claim deed and transfer the property to your nephew. Thanks
brendan beaver Guest	Posted: Tue Feb 01, 2011 10:16 am    Post subject: who pays the taxes on survivorship deed ,,, Like 0 Dislike 0 If a parcel of land is in survivorship deed, and the owner dies, how are the taxes paid by the 5 surviving children on the survivorship deed? and if one of the five cannot pay their share of the taxes, can they "sign off" the deed?
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Tue Feb 01, 2011 9:55 pm    Post subject: Like 0 Dislike 0 Hi brendan, The five survivors are equally liable for paying the taxes. If one of them is unable to pay the dues, then he or she can transfer his or her share of the property to someone else. _________________ Procrastination is the enemy of your financial success

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