Will we have to pay gift or estate taxes? 2 Answers as of August 02, 2010
My mother transferred her house to me a few years ago. We used a quitclaim lead. Will we have to pay any sort of gift taxes on the equity in the home if she passes away? My mother still owes about $80,500 on the mortgage. And we have invested a lot of money fixing up the house. Is there a better way of going about this?Free Case Evaluation by a Local Lawyer!
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E. Ray Critchett, Zaino & Humphrey, LPA | Ray Critchett
The following information may help give you more insight into your issues; however, I would recommend speaking with an attorney to discuss your questions in further detail to ensure that you are aware of all of the possible legal and tax consequences.
Will we have to pay gift or estate taxes? This will depend on the total value of her estate. There is a One Million Dollar Gift Tax exemption that may apply; however estate taxes are possible with the IRS and with the State of Ohio. You may also have income tax liability on the sale of the property. Please feel free to call our office to discuss these issues in greater detail.
My mother transferred her house to me a few years ago. We used a quitclaim lead. Will we have to pay any sort of gift taxes on the equity in the home if she passes away? This will depend on the total value of her estate.
My mother still owes about $80,500 on the mortgage. And we have invested a lot of money fixing up the house. Is there a better way of going about this? We would need additional information to be able to advise you on whether or not there is a better process that should be utilized.
Please feel free to call either me or my assistant, Angie, to schedule an appointment to discuss these issues in greater detail.
Will we have to pay gift or estate taxes? This will depend on the total value of her estate. There is a One Million Dollar Gift Tax exemption that may apply; however estate taxes are possible with the IRS and with the State of Ohio. You may also have income tax liability on the sale of the property. Please feel free to call our office to discuss these issues in greater detail.
My mother transferred her house to me a few years ago. We used a quitclaim lead. Will we have to pay any sort of gift taxes on the equity in the home if she passes away? This will depend on the total value of her estate.
My mother still owes about $80,500 on the mortgage. And we have invested a lot of money fixing up the house. Is there a better way of going about this? We would need additional information to be able to advise you on whether or not there is a better process that should be utilized.
Please feel free to call either me or my assistant, Angie, to schedule an appointment to discuss these issues in greater detail.
Answer Applies to: Ohio
Replied: 8/2/2010
Law Offices of James C. Bechler, A.P.C. | James Bechler
Gift taxes are paid by the one giving not receiving the gift. There are exclusions to avoid paying gift taxes. A gift could be taxable after death when you file your death tax return. It pretty complicated, so call me for further details.
Answer Applies to: California
Replied: 7/29/2010
