Posted on: 29th May, 2008 08:24 am
My grandmother in law passed away a couple of years of ago. My husband and I was living there taking care of her, the house was left to her three daughters and they have yet to do any transfer of a deed. My husband and I have been paying for the taxes and the upkeep of the house and we now want to purchase the home. Will there be any captial gain taxes have to be paid. The house apprases for 100,000?
You cannot purchase the home, yet. First, the house must pass to the heirs, either in probate, or by affidavit of heirship. Then the heirs must sell it to you.
Hi tosbahr,
I agree with jheard that heirs should get the ownership first through probate or by filing affidavit of heir ship. And then they can sell the property to you and your husband. BTW you need not to pay any capital gain tax for it. The sellers should pay the capital gain tax.
Feel free to ask if you have any further questions.
Best of luck,
Larry
I agree with jheard that heirs should get the ownership first through probate or by filing affidavit of heir ship. And then they can sell the property to you and your husband. BTW you need not to pay any capital gain tax for it. The sellers should pay the capital gain tax.
Feel free to ask if you have any further questions.
Best of luck,
Larry
As far as I know capital gain tax will be liable for payment by the heirs only, in this situation you would have to purchase the property from the heirs so it would be no different to any other property sale apart from you having to wait for the legal transfer of ownership to the heirs to be complete. Hope this helps. x