Legal Question in Tax Law in California
Death in family results in sale of property
Aunt is selling house (due to death in family) and is
giving the profit to me and my two siblings.
She says: ''I have to pay capital gaines''
Can she give us the house as a living will? Thus,
avoiding such high tax rate
Asked on 11/26/01, 8:24 pm
1 Answer from Attorneys
Norman Nadel
Norman Nadel, Esq.
Re: Death in family results in sale of property
Who owns the house?
If it was owned by a decedent then there will be no capital gains.
If it is owned by your aunt, then there is a capital gain.
She can give you the house; it must be a complete gift with no strings attached. When you sell it you will pay the tax.
By the way the tax is not so high; capital gain rates are relatively low. Also there may be a $250,000 exemption if the house was used as a principal residence.
Answered on 11/26/01, 9:56 pm
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