Legal Question in Real Estate Law in Pennsylvania
hello, my mom put my name on her property deed along
with hers. it reads ****** and*****,will i have to pay taxes
when she passes? it has been at least 7 yrs ago.
thank you
loreen
1 Answer from Attorneys
Was the deed recorded? It would have been exempt of real estate transfer tax at that time.
When she dies, if the deed says "****** and***** as joint tenants with right of survivorship" the property automatically is yours and does not have to go through estate administration. Even if it doesn't say that, and her interest in the property has to pass through estate administration, there will be no transfer tax, because transfer of title by inheritance is exempt; also, transfers between parent and child, even if not by inheritance, is exempt. The PA inheritance tax would apply to her 1/2 interest if you are not joint tenants with right of survivorship. PA inheritance taxes are based on the degree of relationship to the deceased. At this time, that rate is 4.5% of the value of decedent's interest in the property.
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