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Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 33743
Experience:  15 years real estate, Realtor. Landlord 26 years
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My niece has end stage cancer. She has left her home to her

Customer Question

My niece has end stage cancer. She has left her home to her sister who will sell it when she passes. Is there any advantage to putting the sister on the title now? If so, does it save taxes, more convenient what
Submitted: 4 months ago.
Category: Real Estate Law
Expert:  Barrister replied 4 months ago.

Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply, but rest assured, I am working on your question.

Expert:  Barrister replied 4 months ago.

It actually would be better for sister to leave it to her in her will because she will receive it at a "stepped up cost basis" equal to fair market value. That means if she sells if within 6 months or so after inheriting it, there are no capital gains taxes.

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The down side is that the property would have to go through probate which takes some time but depending on how long sister has owned the house, the tax savings would likely more than make up for the cost of probate.

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thanks

Barrister

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