Posted on: 03rd Feb, 2010 10:23 am
Hi,
My father passed away and me and my two siblings inherited a home. I am in the process of refinancing it and my sister and brother don't want any interest in the home and want to quit claim it to me. Their only concern is that if the fair market value of the home is more than the allowed IRS amount that my brother and sister would each have to pay the gift tax. Is there a way to avoid this? Since each of them are married could they each double the amount of the gift tax even though their spouses are not on the title. Any info would be greatly appreciated. Thanks
My father passed away and me and my two siblings inherited a home. I am in the process of refinancing it and my sister and brother don't want any interest in the home and want to quit claim it to me. Their only concern is that if the fair market value of the home is more than the allowed IRS amount that my brother and sister would each have to pay the gift tax. Is there a way to avoid this? Since each of them are married could they each double the amount of the gift tax even though their spouses are not on the title. Any info would be greatly appreciated. Thanks
They could disclaim the inheritence and therefore there is no gift.
Does disclaiming an inheritence work if there was no will and the probate lawyer filed an affidavit stating the inheritors of the property. Also, How does one disclaim an inheritence? Thanks for you help
