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Thomas McJD
Thomas McJD, Attorney
Category: Estate Law
Satisfied Customers: 3170
Experience:  Wills, Trusts, Probate & other Estate Matters
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My Mother had a lady bird deed in North Carolina she passed

Customer Question

My Mother had a lady bird deed in North Carolina she passed last year. The house was deeded to myself, sister ,and brother. We sold the house my mother paid 25,000 for the house was sold for 26,000 and appraised for 29,000 how do we handle the taxes on this.
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Submitted: 1 year ago.
Category: Estate Law
Expert:  Loren replied 1 year ago.
Good morning. I am Loren,a licensed attorney and I look forward to assisting you.
Expert:  Loren replied 1 year ago.
My condolences for your loss.
Expert:  Loren replied 1 year ago.
Lady Bird deeds still entitle the heirs to a step up in basis. Since the stepped up basis is the value on your mother's date of death, it is unlikely there are any capital gains to be taxed, at all. In other words, there are no taxes for you and your siblings to pay.