How would I add a name to the deed to prevent paying an inheritance tax later - Real Property
Full Question:
My father recently passed away, I am an only child. My mothers home will be left to me.
Can I add my name to the deed to prevent paying an inheritance tax later?
She wants to give it to me now, but she gets a huge break on taxes with her age. I live in Pennsylvania, the house is in New Jersey.
05/11/2007 |
Category: Real Property |
State: Pennsylvania |
#4458
Answer:
For Federal inheritance taxes to be involved the estate would need to be worth over 2 million. The home could be transferred to you by deed but she could lose the tax benefit.