Legal Question in Real Estate Law in Maryland
adding name to real estate
want to add my name to my parents
home and land it sits on. At their
demise will I have to pay inheritance
tax on the property? Will the property
be mine?
Asked on 10/25/08, 9:39 am
1 Answer from Attorneys
Michael Hendrickson
Law Office Michael E. Hendrickson
Re: adding name to real estate
No, not inheritance tax but rather capital gains on your one third share which you would take title to by way of a deed of gift if your name is now added to the deed. (You will not receive the stepped basis for this share that you would've if you had inherited it rather than taken title by way of deed of gift.)
And, yes, the property should be yours if it's titled properly between you and your parents as a so-called JWROS property (joint with right of survivorship).
Answered on 10/25/08, 12:37 pm
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