How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Richard Your Own Question
Richard
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 54002
Experience:  29 years of experience as a tax, real estate, and business attorney.
17027240
Type Your Tax Question Here...
Richard is online now
A new question is answered every 9 seconds

My wife and I own a house with my mother. The title is joint

This answer was rated:

My wife and I own a house with my mother. The title is joint tenants. Is there a way to minimize or avoid taxes on her share when she passes away?
Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.

Good morning. Can you tell me the value of the property? And, the value of her entire estate? Thanks.
Customer: replied 3 years ago.

The property is worth about $375,000.


My mother's estate is worth about $150, 000 (including house) She is in assisted living.


My estate is worth about $500,000.

Thanks for following up. There won't be any taxes due when she dies and you inherit her interest in the property. California does not have an estate or inheritance tax. And, on the Federal level, an estate is exempt from estate tax unless the estate is in excess of $5,250,000. Thus, you don't need to worry about taxes at death with respect to this property. If she gives it to you now, however, her basis carries over to you; if you get it at death, the basis gets stepped up to its fair market value...so, if it's appreciated since it was purchased, you are better off tax-wise getting it at death than getting her interest now.



Thank you so much for allowing me to help you with your questions. I have done my best to provide information which will be helpful to you. If I have not fully addressed your questions or if you have any follow up questions, or if I have misinterpreted your questions in any way, please do not rate me yet, but simply ask a follow up question without rating so I can provide you with a fully satisfactory answer. If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service with 3, 4, or 5 faces/stars so I can receive credit for helping you today. I thank you in advance for taking the time to provide me a positive rating!





Richard and other Tax Specialists are ready to help you
Thank you so much for the positive rating! I appreciate having had the opportunity to serve you! If I can be of assistance to you in the future, just look me up and I will be happy to help! For easy access, my bookmark is: http://www.justanswer.com/law/expert-legalbeacon/

Related Tax Questions