Posted on: 15th Dec, 2005 12:26 am
My mother added me on the title to the family after my father passed away 3 years ago as joint tenants with right of survivorship. I recently read in a experts column that a home should be owned as community property with the right of survivorship because by doing so there are tax advantage when the house is sold. Can my mother do so now? And after doing so will she be able to limit tax on capital gains when she sells the home?
Hi,
You are right community property with right of joint survivorship has a tax advantage of over joint tenants with the right of survivorship but only husband and wife are eligible to hold this title. And even though your mother has added you in the title, she still qualifies for a $250000 capital gain exemption on the sale of your house assuming that she has stayed in that house for more then two of the five previous years.
Thanks,
Jerry
You are right community property with right of joint survivorship has a tax advantage of over joint tenants with the right of survivorship but only husband and wife are eligible to hold this title. And even though your mother has added you in the title, she still qualifies for a $250000 capital gain exemption on the sale of your house assuming that she has stayed in that house for more then two of the five previous years.
Thanks,
Jerry
just want to share some more information
a surviving spouse will be eligible for the $500, 000 capital exemption valid for married people provided he sells the home on the year of death of the first spouse and a joint tax return is filed. this is possible even if the home is titled as community property with right of survivorship or as joint tenants with right of survivorship. your father having passed away 3 years ago, your mother will now be eligible for a single capital gain exemption worth $250,000 upon the sale of the home.
Zeal_Deal
a surviving spouse will be eligible for the $500, 000 capital exemption valid for married people provided he sells the home on the year of death of the first spouse and a joint tax return is filed. this is possible even if the home is titled as community property with right of survivorship or as joint tenants with right of survivorship. your father having passed away 3 years ago, your mother will now be eligible for a single capital gain exemption worth $250,000 upon the sale of the home.
Zeal_Deal
My Mom passed away 11/21/05. She had made a right of survivorship document , filled in , that she got at the local library. She had gotten it notarized and after her death , we filed it at the County Clerk's office.
Now, my Mother and Daddy were in the process of selling property , the preliminary paperwork had been signed by her but they had not closed. Now , the title company stated that my brothers 3 children who survived my brother, 2 1/2 years ago had to sign a heirship paper giving up interest in my mothers part of the property. My sister and I gladly signed it because all of my mothers estate , goods, go to my Dad on her death and vice versa.
Now , these 3 grandchildren have gotten a lawyer, (you can tell they were not close with their grandparents), and will not sign anything.
My Dad finally saw an attorney this morning and she told him that he is going to have to give those 3 1/3 of the 1/2 of what the property sells for.
Does the right of survivorship mean anything. The lawyer told my Dad this morning that the right of survivorship is not the same as a will and will not help him at all.
Now, my Mother and Daddy were in the process of selling property , the preliminary paperwork had been signed by her but they had not closed. Now , the title company stated that my brothers 3 children who survived my brother, 2 1/2 years ago had to sign a heirship paper giving up interest in my mothers part of the property. My sister and I gladly signed it because all of my mothers estate , goods, go to my Dad on her death and vice versa.
Now , these 3 grandchildren have gotten a lawyer, (you can tell they were not close with their grandparents), and will not sign anything.
My Dad finally saw an attorney this morning and she told him that he is going to have to give those 3 1/3 of the 1/2 of what the property sells for.
Does the right of survivorship mean anything. The lawyer told my Dad this morning that the right of survivorship is not the same as a will and will not help him at all.
Hi Laura James,
Welcome to MortgageFit Forums.
It's really sad to hear about your mom's death and the trouble that you are facing afterwards.
Actually right of ownership divides the decedent's share among the survivors of the joint owner. Since your mother was a joint tenant so your attorney has correctly mentioned that your brother's three children will get there share.
This is because your brother was a joint tenant and his children automatically gives them the right to possess their part. So, you may have to give them their share.
Don't feel disheartened. Sometimes things do happen against our will and goes beyond our control. Help yourself and your family to come out of this situation with paitence and courage.
Wish you all the success in life.
God bless you.
For MortgageFit,
Samantha
Welcome to MortgageFit Forums.
It's really sad to hear about your mom's death and the trouble that you are facing afterwards.
Actually right of ownership divides the decedent's share among the survivors of the joint owner. Since your mother was a joint tenant so your attorney has correctly mentioned that your brother's three children will get there share.
This is because your brother was a joint tenant and his children automatically gives them the right to possess their part. So, you may have to give them their share.
Don't feel disheartened. Sometimes things do happen against our will and goes beyond our control. Help yourself and your family to come out of this situation with paitence and courage.
Wish you all the success in life.
God bless you.
For MortgageFit,
Samantha
Is the right of Survivorship if notarized and filed legal as a will in the state of Texas?
My Mom passed away 11/21/05. She had made a right of survivorship document , filled in , that she got at the local library. She had gotten it notarized and after her death , we filed it at the County Clerk's office.
Now, my Mother and Daddy were in the process of selling property , the preliminary paperwork had been signed by her but they had not closed. Now , the title company stated that my brothers 3 children who survived my brother, 2 1/2 years ago had to sign a heirship paper giving up interest in my mothers part of the property. My sister and I gladly signed it because all of my mothers estate , goods, go to my Dad on her death and vice versa.
Now , these 3 grandchildren have gotten a lawyer, (you can tell they were not close with their grandparents), and will not sign anything.
My Dad finally saw an attorney this morning and she told him that he is going to have to give those 3 1/3 of the 1/2 of what the property sells for.
Does the right of survivorship mean anything. The lawyer told my Dad this morning that the right of survivorship is not the same as a will and will not help him at all.
My Mom passed away 11/21/05. She had made a right of survivorship document , filled in , that she got at the local library. She had gotten it notarized and after her death , we filed it at the County Clerk's office.
Now, my Mother and Daddy were in the process of selling property , the preliminary paperwork had been signed by her but they had not closed. Now , the title company stated that my brothers 3 children who survived my brother, 2 1/2 years ago had to sign a heirship paper giving up interest in my mothers part of the property. My sister and I gladly signed it because all of my mothers estate , goods, go to my Dad on her death and vice versa.
Now , these 3 grandchildren have gotten a lawyer, (you can tell they were not close with their grandparents), and will not sign anything.
My Dad finally saw an attorney this morning and she told him that he is going to have to give those 3 1/3 of the 1/2 of what the property sells for.
Does the right of survivorship mean anything. The lawyer told my Dad this morning that the right of survivorship is not the same as a will and will not help him at all.
Hi Laura,
Property owned by the decedent can be disposed off by a will, but non-probate assets cannot be disposed off by a will.
Right of survivorship, falls under non-probate assets, where the property of the decedent and other persons as joint tenants passes outside the will directly to survivor. So, I think what your attorney said is correct.
Rest of the things are answerd by Samantha which you can find after your first post.
Regards,
Blue
Property owned by the decedent can be disposed off by a will, but non-probate assets cannot be disposed off by a will.
Right of survivorship, falls under non-probate assets, where the property of the decedent and other persons as joint tenants passes outside the will directly to survivor. So, I think what your attorney said is correct.
Rest of the things are answerd by Samantha which you can find after your first post.
Regards,
Blue
if two people (girlfriend,boyfriend) buy a property together and both have names on the title and live in the same house,howwillthe property be distributed after ones death and will the children of either from previos marriage get any thing
hi sada
its all depend how the deal is made and whose name is on the mortgage.
on a deed and on a mortgage if your boyfriend name is there then he who legally own but this can be transfer to you through quit claim deed.
and as far as the the ownership is concerned after death, its all depend on upon the will.
thanks
its all depend how the deal is made and whose name is on the mortgage.
on a deed and on a mortgage if your boyfriend name is there then he who legally own but this can be transfer to you through quit claim deed.
and as far as the the ownership is concerned after death, its all depend on upon the will.
thanks
I am an adult child. My father is having surgery and wants to have legal issues resolved. He ownes a home which he has homestead and ownes a 5 acre pc. of property as well. Should I have joint tenant on both properties or just the one vacant 5 acre lot? He is concerned as to what would have to be paid in taxes and such. The 5 acre lot is worth about $50,000.00. Please give some advise. thanks, Nan
Hi Nanette,
It's sad to hear that you father isn't well. But he has taken the right decision to resolve legal issues related to the property.
I shall suggest that you be a joint tenant on both properties. In such a case, you'd have to pay taxes if your father fails to do so and at the same time you'll enjoy ownership benefits on both the property and the land.
Take care
It's sad to hear that you father isn't well. But he has taken the right decision to resolve legal issues related to the property.
I shall suggest that you be a joint tenant on both properties. In such a case, you'd have to pay taxes if your father fails to do so and at the same time you'll enjoy ownership benefits on both the property and the land.
Take care
my mom, dad, sister and brother-in-law bought a house together many years ago. the wording in the deed is joint tenants in common. Mom passed away nine years ago. Our Dad passed away 6 weeks ago. My parents' half of the house is to go to myself and two sisters. The sister already owns half. She and my brother-in-law want to buy my other sister and I out. This is agreeable to all. My question is...Is one half of the house a part of Dad's estate and do we have to put this through probate.
Will inheritance tax be due? We all live in Pennsylvania but the house involved is in New Jersey. Thank you.
Will inheritance tax be due? We all live in Pennsylvania but the house involved is in New Jersey. Thank you.
If your father has left a will, then there will be a probate. Yes you will have to pay inheritance tax. According to laws in New Jersey, transfer Inheritance Taxes are applied, at graduated rates, on property which have a total value of $500 or more and which passes from a decedent to a beneficiary.
my ex-wife and i owned a business property in new jersey as tenants by the entireties. after our divorce we decided we wanted to keep the property. we now hold the property as joint tenants with the right of survivorship. Q1. upon the death of one of us, does the survivor have to pay inheritance tax, and if so, how much? Q2. does the survivor have to pay capital gains tax
Welcome don keesal,
Upon the death of a joint tenant, the survivor you will have to record an affidavit of death and a death certificate with the county recorder. This is required in order to obtain a tax clearance under the inheritance tax laws. On death of a joint tenant, the interest passes automatically to the other joint tenant or tenants. This severely restricts the joint tenant's ability to undergo any Inheritance Tax planning.
For Capital Gains Tax purposes, each joint owner will be taxed on his or her share of the gain arising. I think the survivor will have to pay the capital gains tax. It will be better if you can also consult a tax counsel who will be able to give you the exact details.
Upon the death of a joint tenant, the survivor you will have to record an affidavit of death and a death certificate with the county recorder. This is required in order to obtain a tax clearance under the inheritance tax laws. On death of a joint tenant, the interest passes automatically to the other joint tenant or tenants. This severely restricts the joint tenant's ability to undergo any Inheritance Tax planning.
For Capital Gains Tax purposes, each joint owner will be taxed on his or her share of the gain arising. I think the survivor will have to pay the capital gains tax. It will be better if you can also consult a tax counsel who will be able to give you the exact details.
My boyfriend and I bought a house as joint tenants with right of survivorship. We broke up and he continues to live in our house. I was forced to move out due to his hostility and aggression toward me. I continued to pay half the mortgage as I was trying to resolve, sell, buy him out of the house. As it became apparent he wasn't goint to consent to any of my suggestions nor suggest any of his own, I have refused to continue paying half the mortgage. He is not paying the mortgage either and is living in our house "free" and forcing a foreclosure. I don't want to foreclose. What are my options?? Thanks