Legal Question in Real Estate Law in Pennsylvania

Re: property deed

Well if you are joint tenants with the right of survivorship. The house is all yours. If you are just joint tenants then your mother's interest would go to her estate. In that case you might inherit her interest in the house assuming that is what is in her will.

As far as taxes go you should not have to pay income taxes on it when you acquire her interest in the house. You would pay potential capital gains taxes when you sell when you sell. What I see is an interesting cost base in that case. Half of your basis would be half the value of the house when you had your name put on the deed. The basis for the half you would get on your mother's death would be based on the value of the house at her death. The best news is if you make less the $250,000 profit on the house and have lived there for 3 of the last 5 years, you don't even pay tax on that.

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{John}