Posted on: 08th Jun, 2010 12:32 pm
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 taxes are owed?
Hi KMS,
As your father is deceased now, you are the sole owner of the property. If there is any taxes owed on the property, then you would be liable to pay it off. This is because you are the owner of the property and you're responsible for paying the property taxes.
Thanks
As your father is deceased now, you are the sole owner of the property. If there is any taxes owed on the property, then you would be liable to pay it off. This is because you are the owner of the property and you're responsible for paying the property taxes.
Thanks
Hi KMS,
If you own a property then you are liable to pay property taxes. As your father transferred the property in your name you are now the sole owner of the property and hence liable of all taxes related to the property. I would suggest you to consult with a good real estate attorney and check out the taxes you are liable to pay.
If you own a property then you are liable to pay property taxes. As your father transferred the property in your name you are now the sole owner of the property and hence liable of all taxes related to the property. I would suggest you to consult with a good real estate attorney and check out the taxes you are liable to pay.