Legal Question in Real Estate Law in New York

Last year my mother transfered the deed to her house to my sister and I. I year later she died and my sister is now living there and we are considering transfering full ownership to her. My question is what options we have regarding the sale or transfer and can my half be gifted to her to avoid capital gains? The FMV is estimated at 60k both at the time of transfer and now.


Asked on 1/13/11, 5:00 pm

1 Answer from Attorneys
Michael Markowitz Michael A. Markowitz, PC

If the value of the house at the time of the transfer, and now, is 60K, there is no capital gains since there is no gain.

You may gift half value of the house to your sister. However, there may be a gift tax due in the future. That answer is best left to an accountant.

Mike.

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Answered on 1/19/11, 7:28 am


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