Posted on: 15th Jun, 2010 05:30 am
i posted this question last week but didn't make it clear enough that my question is about estate (death) tax not realestate tax. my father signed a quit claim deed in 2001 transferring ownership of farm land to me. he had a life interest on it meaning he continued to live on the farm, collected land rent and paid all real estate and income taxes. he died in 2010. is the property he transferred to me included in his estate for determining if any estate (death) taxes are owed?
Hi KMS,
As the property was already transferred to you by your father, you are the owner of the property now. This property won't be included in your father's estate any more and you won't be liable for any estate taxes.
Thanks
As the property was already transferred to you by your father, you are the owner of the property now. This property won't be included in your father's estate any more and you won't be liable for any estate taxes.
Thanks
Since he only owned a life estate in the property, it is not part of his estate at death. Therefore, no taxes would be owed.
