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Inheritance Question.

S

slinetz

Senior member
And the house is under his and my mom 's name. will my mom have to pay inheritance tax to have the title completely under her name? And how much in percentage does she have to pay? (let's say the house market value is 700000 and still 500000 mortgage need to pay) thanks....
 
It's the amount left after all claims against the estate has been fulfilled. An outstanding mortgage would be a claim on the estate, so for your example you have only $300k in gain, assuming no other things to pay off (credit cards, loans, etc). The ceiling for estate tax is now 1.5 million.
 
Originally posted by: slinetz
And the house is under his and my mom 's name. will my mom have to pay inheritance tax to have the title completely under her name? And how much in percentage does she have to pay? (let's say the house market value is 700000 and still 500000 mortgage need to pay) thanks....
Click to expand...

Umm, well ..... let's jsut hope she has a lawyer. When my dad passes away 10 years ago, I knew this was an issue. Luckily, all accounts were in both names and I beleive the home and autos alo. And as FlakPlanzer says 'Yes', I have to a gree with him. But I thought there was a bunch of hoopla about 2 years ago over fixing inheritance laws.

Try fool.com. If that place has no info on this topic, I'd be shocked.
 
First, my condolences on your father's passing.

When you are talking serious money, make sure you consult a lawyer. It's really
easy to have big tax problems with estates.

In MY opinion, there is no inheritance tax on property that is jointly owned with rights of survivorship. I believe she can have the title converted to her name only by producing a death certificate.

This is my opinion only and IANAL.
 
SOrry to hear of your lose

Usually it is pretty simple

IF the house is listed as Mom AND DAD - your mother will enherit the other half of the house

If the house is listed mom OR Dad she does not
 
Originally posted by: slinetz
And the house is under his and my mom 's name. will my mom have to pay inheritance tax to have the title completely under her name? And how much in percentage does she have to pay? (let's say the house market value is 700000 and still 500000 mortgage need to pay) thanks....
Click to expand...

No, since she will not be inheriting the house. It goes to her by operation of law, specifically by way of the deed. Inheritance taxes come into play when there are bequests specified in a will or intestate (without a will) inheritances.

Edit: My condolences to you on your loss.:brokenheart:
 
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