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Aquired property

Posted on: 01st Oct, 2009 12:20 pm
my father has signed a quit claim deed placing both our names on his property. in the event of his death what are my options as far as keeping the property or selling the property as far as taxes and penalties. i have no intention of selling property for the 1st year. i will be fixing the house to either rent or sell. and should i reside in it for awhile?
without getting all of the details, i'm assuming you and a sibling the property was deeded to? you're going to have to flip whatever liens or recurring bills (taxes, insurance, etc.) into your name. if there is a lien on the property and/or if you're cashing out some equity, you will need to refinance the property into both you and the other individuals name or one or the other. as far as residing in the property that is solely up to you. you may have an easier time in obtaining a mortgage on an owner occupied property as apposed to an investment if you did not reside there.

i hope this helps with the limited details.
Posted on: 01st Oct, 2009 01:59 pm
Yes, I guess I wasn't specific. My father has placed me on his house with him, not on the mortgage but on the deed. My father is terminally ill. My father has a very small mortgage on the house. I have no intentions of doing anything other than fixing the property during the first year. After that I may rent it or sell it. How can I avoid capital gains taxes? Should I make it my primary residence Do I have to pay inheritance tax if my name was already on it at the time of his death? Other than the mortgage there are no liens on the property and all his bills are being handled. Thanks for your help ahead of time.
Posted on: 01st Oct, 2009 02:40 pm
Hi becky!

Welcome to the forums!

The capital gains tax would depend upon the profit you receive from the sale of the property. If the property is your primary residence, then you can make up to $250,000 in profit if you're a single owner, twice that if you're married, and will not be owing any capital gains taxes. As far as inheritance tax is concerned, I would suggest you to have a word with your real estate attorney and take his opinion.

Feel free to ask if you've further queries.

Posted on: 01st Oct, 2009 07:33 pm
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