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What taxes are involved in transferring my mother's condo to me?

What taxes are involved in transferring my mother's condo to me?

Full question:

My mother passed away in 2013. My sister inherited her house but I have been living in it since before mom passed. My sister has now agreed to turn the house over to me. The home is a condo appraised at 110,000. What kind of taxes am I looking at to get the house in my name?

Category: Wills and Estates
Date: 04/07/2025
State: Florida

Answer:

Generally, there are no taxes owed on property inherited from an estate by an heir. Since your sister is the only heir, she may be able to file a disclaimer of interest and execute a quitclaim deed to transfer the condo to you. This process typically does not involve taxes. It's advisable to consult a local attorney for guidance on how to proceed and to prepare the necessary documents.

This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.

FAQs

How do I avoid inheritance tax on my parents' house?

In many states, there is no inheritance tax on property inherited from parents. If you inherit a house, you may not owe taxes if it is passed directly to you as an heir. Additionally, some states allow for exemptions or deductions that can further reduce tax liabilities. It's essential to check your state's specific laws and consult with a tax professional or attorney to understand your situation and any potential tax implications.

Who inherits the parents' house?

Typically, a parent's house is inherited by their children according to their will. If there is no will, state intestacy laws will determine who inherits the property. Usually, this means that the children will inherit equally. However, if one child is designated as the primary heir or if a trust is involved, the distribution may differ. Consulting an attorney can clarify the inheritance process based on your specific circumstances.

What happens when one sibling is living in an inherited property?

When one sibling lives in an inherited property, they may have certain rights to remain there, but this can depend on the agreement among siblings. If the property is co-owned, the other siblings may have a claim to their share, which could lead to discussions about buyouts or selling the property. It's advisable for siblings to communicate openly and consider legal advice to navigate ownership and living arrangements.

Can I live in my mom's house after she dies?

Yes, you can live in your mom's house after she passes away, especially if you are an heir. However, it is essential to ensure that the property is legally transferred to you or that you have permission from the other heirs. If the estate is still in probate, there may be restrictions on living in the house until the estate is settled. Consulting an attorney can help clarify your rights.

What are the problems with inheriting your parents' house?

Inheriting a parent's house can lead to several issues, such as disagreements among siblings over the property, financial burdens like maintenance costs or taxes, and potential complications if the house is mortgaged. Additionally, if the property needs significant repairs, the costs can be a concern. It's important to communicate openly with family members and seek legal advice to address any disputes or financial considerations.

Do I automatically inherit my parents' house?

You do not automatically inherit your parents' house unless you are named in their will or if state intestacy laws apply. If there is a will, it will specify who inherits the property. If there is no will, the estate will be distributed according to state laws, which typically favor children as heirs. Consulting an attorney can provide clarity on your specific situation and rights.