Posted on: 04th Jan, 2010 01:50 pm
quit claim deed reserving life estate
father's house purchase 1985
quit claim deed signed in 1998
since i had no right to the property until death on 12/31/08, am i paying capital gains from 1985, 1998 or 2008?
father's house purchase 1985
quit claim deed signed in 1998
since i had no right to the property until death on 12/31/08, am i paying capital gains from 1985, 1998 or 2008?
Hi densv,
You do have rights to the property if your father has signed a quit claim deed in your favor mentioning you as the grantee to the property and reserving the life estate to himself. It is only that that your father will be able to stay in the property until his death as he has the life estate rights. The capital gains tax would depend upon the profit that you make by selling the property compared to the value of the property when it was purchased.
You do have rights to the property if your father has signed a quit claim deed in your favor mentioning you as the grantee to the property and reserving the life estate to himself. It is only that that your father will be able to stay in the property until his death as he has the life estate rights. The capital gains tax would depend upon the profit that you make by selling the property compared to the value of the property when it was purchased.