Legal Question in Tax Law in Pennsylvania
$1.00 house
I purchased my fathers house from him before his death, (which was under a year). The tittle was transfered to me listing the sale price as $1.00. Do I have to claim the appraised value of the house on my federal income taxes next year, and pay taxes on that value?
Asked on 10/10/07, 1:28 pm
1 Answer from Attorneys
Ronald Cappuccio
Ronald J. Cappuccio, J.D., LL.M.(Tax)
Re: $1.00 house
First, you do not have tp pay income tax on the property unless you sell it. Secondly, if the property was gifted to you, the property would be recaptured into your father's estate and you would receive a stepped-up basis. You should talk to your estate and tax attorney to handle this.
I hope this helps!
Ron Cappuccio
http://www.saveyourestate.com
Answered on 10/10/07, 9:37 pm
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