Posted on: 14th Aug, 2009 06:37 am
My Mother & Father owned their home in joint tenancy and father passed away six years ago. We are creating a Quitclaim deed to remove Dad's name and have Mother and I as owners in joint tenancy. QUESTION: since I would gain partial ownership in the estate upon recording the deed, do I need to file or pay any income or inheritance taxes? There is no mortgage and the estate is less than $250,000 value in Illinois.
andrejv
Welcoem to the forum
You donto need to pay any incoem taxes until you sell the property
Good luck and feel free to ask
Welcoem to the forum
You donto need to pay any incoem taxes until you sell the property
Good luck and feel free to ask
Hi andrejv,
As you are only being added on to the property deed, you do not have to pay inheritance taxes. The question of inheritance taxes arises when you inherit the property after a person's death.
As you are only being added on to the property deed, you do not have to pay inheritance taxes. The question of inheritance taxes arises when you inherit the property after a person's death.