Legal Question in Real Estate Law in New York

Re: Sale of House/Name not on deed

Your mother should cover this in her Will, as the inheritance on her death will give you a step-up in value for the sale following her death. This would save you income taxes. If she gifted the house now, by putting you on the Deed now, you take over at her original cost plus any interim improvements. This could cost you income taxes after her death. There are many considerations for a complete answer (original cost plus improvements versus current value, potential estate tax consequences when your mother dies, etc.) I really need more information to give a better reply. If you desire, call me at 973-377-3313 and we can discuss this. Depending upon your information, I could also assist you on how to best handle this.

Re: Sale of House/Name not on deed

Upon your mother's death, the house becomes part of her estate and the value on the date of death, becomes the tax "basis".

If she deeds one half or two thirds to her children, the "basis" is a portion of what she paid for her half interest and a portion of what your father's half was worth on the date of his death.

This might result in paying a significant capital gains tax if you sell upon her death.

Re: Sale of House/Name not on deed

Whether or not to deed the property to you and your sister depends on your mother's estate planning goals, her will (if any), tax considerations and what you and your sister want to do with the property if and when you acquire an interest in it. Assuming your mother is the sole owner when she dies, the house will pass according to her will or by intestacy and a new deed may be required to convey title from the estate executor or administrator to the successor. If you and/or your sister own the house with your mother as "joint tenants" with rights of survivorship, then a new deed is not required to convey title to the surviving joint tenant(s). I can give you advice speceific to your situation if you provide sufficient details. Feel free to call me at 212-367-9167 to discuss this further. I do not charge a fee for the initial consultation.