Legal Question in Real Estate Law in Florida

inheritance or capital gains

Three years ago my parents put their house in the

childrens names. They have life rights to the house .

The deed is now in our names and it says that they

gave it to us for $1.00. Now that the three children have

to sell the house, is it considered inheritance from our

parents or is it considered our house and now we have

to pay capital gains on it? The house is in Florida and I

live in PA. If there are no federal taxes because it is

considered inheritance and you pay no taxes on

anything under $600,000.00 do we have to pay state

tax? Two children live in PA. One lives in Fl. Thanks for

any information you can give me.


Asked on 9/30/05, 7:33 pm

1 Answer from Attorneys
David Slater David P. Slater, Esq.

Re: inheritance or capital gains

As owners you will owe Federal income tax when you sell. Florida has no State income tax

Read more
Answered on 9/30/05, 11:38 pm


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