Posted on: 24th May, 2010 04:07 pm
my dad passed and my mom had her property reappraised and would like to quit claim deed me one of her rental properties. if i sold it in the future would i pay capital gains looking at the fair market value of today because of my dad passing or does uncle sam look back to current value when my mom and dad bought the property together?
also, does the property tax remain the same?
we both live in california
also, does the property tax remain the same?
we both live in california
Hi chadwicks!
Welcome to forums!
If you sell off the property that has been transferred to you and make profit from it, then you would be liable for paying the capital gains taxes. As far as I can understand, the capital gains taxes would depend upon the fair market value of the property when it is transferred to you.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If you sell off the property that has been transferred to you and make profit from it, then you would be liable for paying the capital gains taxes. As far as I can understand, the capital gains taxes would depend upon the fair market value of the property when it is transferred to you.
Feel free to ask if you've further queries.
Sussane
You are looking to determine the tax "basis" of a property (the starting price to determine the capital gain), which can be a complicated issue. I don't know the exact rule here, but the IRS will make someone pay the taxes at each transfer. So, if no one paid the cap gains tax for the previous transfers, I think they will make you pay it by adjusting the basis to way back to when your parents bought it. However, you should check with a tax accountant for advice.
Property tax between family members is usually exempt from re-appraisal, but again, this is a complicated issue. Check with your county tax appraisal office for info.
Property tax between family members is usually exempt from re-appraisal, but again, this is a complicated issue. Check with your county tax appraisal office for info.
