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Jax Tax
Jax Tax, Tax Attorney
Category: Tax
Satisfied Customers: 1408
Experience:  JD, LL.M in Business and Taxation, IRS Enrolled Agent. Expert in Business and Tax Transactions
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If I was left my parents house, who bothed pasted away in 2011,

Resolved Question:

If I was left my parents house, who bothed pasted away in 2011, do I have to pay inheritance tax on the worth of the house. The house may be worth about 200-250,000, but the 2 mortages on it are 150,000.
Submitted: 4 years ago.
Category: Tax
Expert:  Jax Tax replied 4 years ago.
There is no inheritance tax in the US so no. There are mortgages so you can't really inherit the home. The home must be part of the probate. Probate is where the creditors of the deceased make claims against their property. So unless the estate has other funds, the homes must be sold by the estate to pay the mortgages unless you can pay them off. Until the estate is probated and the probate is closed, you have no legal document to change the title name on the deed. Basically, you can't transfer the home.
Customer: replied 4 years ago.
I have just been paying the morgtage payments since there death, do I need to do something else so that I don't loose the home I'm living in?
Expert:  Jax Tax replied 4 years ago.
The estate should be paying the mortgage or selling the home. You are paying on something you can't get put in your name.
You need an attorney to probate this.
Jax Tax and other Tax Specialists are ready to help you
Customer: replied 4 years ago.
Thank you for your help. I hope I don't loose my home, its the only thing I have left from my parents. Good Night.