Posted on: 14th Oct, 2008 04:34 pm
If a parent dies with no signed will and adult siblings inherit a house with a mortgage on it and wish to transfer ownership of home to one sibling will there be a inheritance tax or gift tax or any cost for siblings transfering ownership to the one sibling?
Hi daltonsjr!
Welcome to forums!
There won't be any inheritance tax as the person is not inheriting the property but the transferred to that person from the siblings. Yes, a gift tax can be levied in case you don't qualify for the gift tax exemptions. There is an annual gift tax exclusion amount of $12,000. To know more about gift tax exemption, you can check the following link:
http://www.mortgagefit.com/gift.html#exemption
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
There won't be any inheritance tax as the person is not inheriting the property but the transferred to that person from the siblings. Yes, a gift tax can be levied in case you don't qualify for the gift tax exemptions. There is an annual gift tax exclusion amount of $12,000. To know more about gift tax exemption, you can check the following link:
http://www.mortgagefit.com/gift.html#exemption
Feel free to ask if you have further queries.
Sussane