Currently, inheritance of a certain amount or value is subject to an inheritance tax. However, these regulations are changing. Look here for more information about when inheritance tax applies and any changes in the law.
What Happens When A Property Is Worth Less Than The Date You Inherited It?
On the show today, we had a call from someone who wanted to know about selling a home his Dad owned in California. The son, a resident of Georgia, is ...
Estate Planning: No Will Means Following State Laws
When someone dies, who inherits the contents of the estate? Does it go to the person's spouse or children, or both? It depends on the state where the deceased lives and whether that person had a will. To ensure that your estate planning wishes get executed make sure to have a valid will.
Quit Claim Deed May Determine Inheritance
How does the recording of a quit claim deed affect an inheritance? An Ohio family may own a West Virginia property received by an unrecorded quit claim deed. If the quit claim deed is valid, title of the inherited property may have transferred when the deed was delivered. If the quit claim deed is invalid, the probate court for the former owner of the property would decide who the new rightful owner of the property is.
Pay Estate Tax with Mortgage Loan
In settling an estate, the administrators have to pay any taxes due, if the estate has a large enough monetary value per the IRS requirements. In some cases, the estate will have enough cash on hand to pay the taxes due. An estate administrator asks about paying taxes on a $5 million estate. The estate lacks the money to pay the taxes but the administrator wants to take out a mortgage on a $2 million property that's part of the estate.Chances are good that a bank would grant a mortgage loan on such a property and that the administrator should look for a bank with an interest in the property's location.
Real Estate Taxes: Can You Deduct Them From Inherited Property
The U.S. Internal Revenue Service allows tax payers to deduct some real estate taxes when they file. Can an owner of multiple properties deduct the property taxes from a recently inherited property? A Think Glink reader asks about deducting the property taxes from a property he inherited with his brother from their mother. Sam and Ilyce say it's pretty unlikely that the real estate or property taxes may be deducted because the property is neither a primary residence nor an investment property.
Quit Claim Deed Affects Cost Basis
How do you calculate cost basis on a home you receive through a quit claim deed? The type of home ownership is also a factor - for example joint tenancy. Learn how to do the calculation for cost basis and learn the rationale used to determine cost basis when families transfer home ownership using a quit claim deed.
Property Inheritance Saves More Taxes Than Quit Claim Deed
Learn about property estate planning including repair and maintenance duties. Is using a quit claim deed or an irrevocable trust a better option? Inheriting property saves more on taxes than signing a quit claim deed.
Second Marriage Financial Issues Include House Deed
A woman is in a second marriage but does not have her name on the deed of the house she shares with her husband. The woman would not be protected if her husband dies, especially if she's not been included in estate planning. A good solution would be to use a quit claim deed to change the home ownership to joint tenancy with rights of survivorship or tenants by the entirety.
Quit Claim Deed Signed By Deceased Person
Is a quit claim deed valid when the signatory is deceased prior to the quit claim deed's execution? Can the notary who approved the signature on the quit claim deed be held accountable? Notaries' role in the quit claim deed process is crucial and it depends on state law.
Inheritance Real Estate Tax And Title
A homeowner received a home as part of an inheritance and wants to know how to put the home's title in his name. He also wants to declare the inherited home his principal residence and wonders how to do this when he owns another home in another state. How can the homeowner handle real estate tax and title with the inherited home?