Posted on: 07th Mar, 2010 06:47 am
I kow that there are tax consequenses with a qiut deed, gift tax, caital gains, and property value adjustments, do you have all these applied if you inherit the house and go through probate?
Hi Guest!
Welcome to forums!
Gift taxes would apply to the person transferring the property to you as a gift whereas capital gains tax would apply if you sell off the property and gain profit from it. Probate is costlier but you won't be responsible for the capital gains taxes or gift taxes in this regard.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Gift taxes would apply to the person transferring the property to you as a gift whereas capital gains tax would apply if you sell off the property and gain profit from it. Probate is costlier but you won't be responsible for the capital gains taxes or gift taxes in this regard.
Feel free to ask if you've further queries.
Sussane