Legal Question in Real Estate Law in Indiana

Property

I, along with my Mom & Dad, purchased some property 30 years ago. My father & mother have passed away and I am the survivor on the deed, which has a ''survivor's clause'' stating I am the owner. It worth about $25,000. How will this affect my taxes? Is it possible to ''give'' the property to a relative without any tax liability?


Asked on 7/11/04, 6:45 pm

1 Answer from Attorneys
Mary Ann Wunder Wunder & Wunder

Re: Property

Gifting property passes your basis to the donee, and would have no effect on income taxes, but might require that a gift tax return be filed. You might also have to file an affidavit of survivorship or put a clause in your deed that states when the other joint tenants of the property died so that the person receiving ownerhsip of the property has clear title.

Read more
Answered on 7/13/04, 11:18 am


Related Questions & Answers

More Real Estate and Real Property questions and answers in Indiana