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

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

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?

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

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?

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.