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Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9783
Experience:  25+ years tax consulting. Specializing in returns for US citizens living abroad
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Our house was purchased in my name back in 1960 when my wife

Customer Question

Our house was purchased in my name back in 1960 when my wife and I moved in. We have made joint wills leaving everything to each other. My question is"- Should I now have the house deeds in both our names in order to avoid any Inheritance Tax on it, should I be the first one to fly the nest!
Submitted: 7 years ago.
Category: Tax
Expert:  Merlo replied 7 years ago.
HelloCustomer

There really is no such thing as "inheritance" tax at the federal level. The IRS imposes an estate tax on any estate that is valued over a certain limit. That limit is currently $3.5 million.

However, any property that passes between spouses is not subject to this tax.

If this was helpful please press the Accept button. Positive feedback is also appreciated.

Thank youCustomer

Customer: replied 7 years ago.
This question was directed to the Uk Tax system and not the USA tax system
Expert:  Merlo replied 7 years ago.
Hello againCustomer

I apologize for the confusion. Your additional information which shows you are from the UK did not post until after I had answered the question. It is a continuing problem we have in this forum.

However, even though the UK laws are different from the US, this is one area where they are the same. No inheritance tax is imposed on property transfers between spouses.

Please refer to the following section of the UK Revenue which addresses this issue.

http://www.hmrc.gov.uk/manuals/ihtmanual/IHTM11031.htm

If this was helpful please press the Accept button. Positive feedback is also appreciated.

Thank you againCustomer and let me know if you have more questions.
Merlo and other Tax Specialists are ready to help you
Customer: replied 7 years ago.
Many thanks MERLO, your answer to my question has been most helpful as I was very concerned with this question. I did not realize that I had connected to a US website - silly me! At my age anything is possible!.
However, your expertise is obviously international and holds no boundaries,

Sincerely,

Antoni Ruocco
Expert:  Merlo replied 7 years ago.
Thank youCustomer

Come back any time you have tax questions and I will be happy to help you.

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