Legal Question in Wills and Trusts in Illinois
If a Father and his adult son is on a deed to a home where the Father lives. He passes on will the adult son, that is already on the deed, have to pay inhertance tax on thaat home?
Asked on 1/13/13, 6:31 pm
1 Answer from Attorneys
Sanford M. Martin
Sanford M. Martin, P.A.
No inheritance tax. If he sells it, there will be a capital gains tax depending on the
length of ownership, appreciation in value and homestead status.
Answered on 1/13/13, 6:37 pm
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