Property Transfers and Property Tax
Dear Len & Rosie,
My father died and left some cash and the house to my mother. She is 82 years old. She has put the house in my name as well as hers. Her doctor has informed her she needs a pacemaker, and now she wants to put the house solely in my name.
I have several concerns. The first is tax purposes for me. How will this affect me and my husband's taxes for the next year? I also have other sisters and a brother who will eventually inherit part of the home. Mom's lawyer says that she is safe with just my name on the deed, but I am not sure.
Linda
My father died and left some cash and the house to my mother. She is 82 years old. She has put the house in my name as well as hers. Her doctor has informed her she needs a pacemaker, and now she wants to put the house solely in my name.
I have several concerns. The first is tax purposes for me. How will this affect me and my husband's taxes for the next year? I also have other sisters and a brother who will eventually inherit part of the home. Mom's lawyer says that she is safe with just my name on the deed, but I am not sure.
Linda