Posted on: 07th Oct, 2008 07:53 pm
My parents and one sister purchased a home in New Jersey.
Mom died 9 years ago and Dad passed away 6 weeks ago.
My parents half of the house is to go to my sister (who owns
the other half) myself and our other sister. My sister who owns a half already wants to buy us out. This is fine with all. We all live in Pennsylvania. Is my Dad's half now part of his estate? We will have to probate and will there be inheritance tax?
Mom died 9 years ago and Dad passed away 6 weeks ago.
My parents half of the house is to go to my sister (who owns
the other half) myself and our other sister. My sister who owns a half already wants to buy us out. This is fine with all. We all live in Pennsylvania. Is my Dad's half now part of his estate? We will have to probate and will there be inheritance tax?
Hi ar!
Welcome to Forums!
In case of joint tenants in common, the property is owned by two or more people with no rights of survivorship. In case one person dies, the other cannot takeover the property but will be given to the person named in the deceased person's will. If your father has left a will, then it will be probated.
In Pennsylvania, the inheritance tax applies to a property regardless of its size. The tax amount you will pay depends on the value of the property you receive and your relationship to the deceased person. As the property will pass from your parents to you, you will have to pay an inheritance tax of 4.5%.
Feel free to ask if you have further queries.
Sussane
Welcome to Forums!
In case of joint tenants in common, the property is owned by two or more people with no rights of survivorship. In case one person dies, the other cannot takeover the property but will be given to the person named in the deceased person's will. If your father has left a will, then it will be probated.
In Pennsylvania, the inheritance tax applies to a property regardless of its size. The tax amount you will pay depends on the value of the property you receive and your relationship to the deceased person. As the property will pass from your parents to you, you will have to pay an inheritance tax of 4.5%.
Feel free to ask if you have further queries.
Sussane