Posted on: 30th Mar, 2008 05:58 pm
I would like to know which would benefit me more. My father is 86 years old and wants to quit claim his home, which he owns free and clear and pays yearly taxes on) to me now. However, the home is included in his will of which I am the beneficiarty. What are the difference in the tax implications of these once my father is deceased and I want to sell the house?
Hi Mauilove,
Since the home is included in the Will and you don't want to sell the home right now, there isn't any need for a quitclaim deed. If your father is deceased, you will get ownership rights to the property through the Will and then you can sell it off. The tax implications involve the payment of taxes on capital gains. However, you may not have to pay them if you qualify for the exemptions on capital gains tax .
I hope you're aware of the fact that you may have to probate the Will in order to make it a valid one.
Take Care
Since the home is included in the Will and you don't want to sell the home right now, there isn't any need for a quitclaim deed. If your father is deceased, you will get ownership rights to the property through the Will and then you can sell it off. The tax implications involve the payment of taxes on capital gains. However, you may not have to pay them if you qualify for the exemptions on capital gains tax .
I hope you're aware of the fact that you may have to probate the Will in order to make it a valid one.
Take Care
Hi mauilove,
Welcome to the forum.
Sara has given you good info. You will have to probate the will which is a bit costly and time consuming. But you need not to use a quitclaim deed as you name is already there on the will.
Best of luck,
Larry.
Welcome to the forum.
Sara has given you good info. You will have to probate the will which is a bit costly and time consuming. But you need not to use a quitclaim deed as you name is already there on the will.
Best of luck,
Larry.
Check with an accountant or tax specialist. The issue is complicated.
