Currently, inheritance of a certain amount or value is subject to an inheritance tax. However, these regulations are changing. Look here for more information about when inheritance tax applies and any changes in the law.
Selling Inherited Property
A homeowner inherited her current NYC residence from her grandmother. Now that neighborhood properties are being sought after by developers, she would like to sell the inherited property for the most money possible. It's easy to determine possible capital gains taxes on the inherited property.
Quit Claim Deed Leads To Capital Gains Tax
When you receive ownership to a property through a quit claim deed, you also get the property at the cost basis that the previous owners had. This may lead to capital gains taxes when you sell the home. To know how much capital gains tax you will owe, contact a tax preparer such as an accountant or enrolled agent.
Transferring Deeds On Inherited Property
To divide multiple properties acquired through inheritance, the owners will have to have new deeds drafter. Each partywill have to sign each new deed, but the "grantee" on the deed will become the official new owner. Don't forget to hire an attorney to help you in drafting the deeds and in making sure that they get recorded with any additional documentation that is required of you.
Refinancing Mortgage On Inheritance Property
How do you refinance the mortgage you receive as part of an inheritance? There are several options available you as the inheritor of real estate. You can refinance the mortgage or leave the loan as is, depending on the current interest rate.
Ilyce Glink on WSB Radio – May 7, 2006
Ilyce reports live from the Georgia World Conference Center at The Learning Annex Real Estate Wealth Expo. Ilyce opens the program discussing a recent report in the Wall Street Journal regarding home down payment gifts. These programs assist first time buyers with down payment loans. Often a kick back, or money going from seller to lender, would circumvent FHA rules. The IRS is now limiting home down payment gifts and even calling them "schemes." Ilyce answers questions regarding how to appropriately deal with the inheritance of cash or property and she answers an investment question regarding the use of IRA money to invest in real estate.
Selling Inherited Vacation Property
Is it a good idea to wait to sell inherited property? There's no reason to wait to sell inherited property, especially if the right time in the market is now. Plus, inheriting property at the current market value means no capital gains tax on the inheritance upon selling.
Estate Planning Can Prevent Future Confusion
When you lose your spouse and your spouse did not have a will it may make transferring assets such as a home confusing. Estates without a will have to go through probate, which can take some time. Learn how to clear up the ownership of a home and provide your children with clear legal ownership if something should happen to you.
Changing Title Involves Contacting Relatives In Inheritance
If you buy property with someone and he or she dies how can you ensure that you have clear title to the home? Generally, when someone dies his or her share of a property goes to his or her next of kin. You have to track down your real estate partner's relatives to get them to sign a quit claim deed or so you can buy them out of the property. A real estate attorney may also be able to help you in this situation.
1031 Exchange: Use When Dividing Property
A property owner who inherited a 160-acre ranch has the opportunity to sell the property at considerable gain and wants to know if a 1031 exchange can be used. A 1031 exchange can be used by real estate investors when selling one investment property to buy another and defer federal taxes on the property sale. A 1031 exchange may not be used for a primary residence. A 1031 exchange can be used when dividing property, but speak to a 1031 exchange expert first.
Inheritance Property Sold To Investor, Other Heirs Want Property Back
What should you do if you inherit a portion of a home, but another heir sold his portion of inheritance property to an investor. The other two heirs want to keep the inheritance property and wants to get it back from the investor. Ilyce helps explain how to proceed with this inheritance property, and how to best protect your interests from the investor.