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Richard, Tax Attorney
Category: Tax
Satisfied Customers: 55605
Experience:  29 years of experience as a tax, real estate, and business attorney.
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My wife and I own a house with my mother. The title is joint

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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 4 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, if it's appreciated since it was purchased, you are better off tax-wise getting it at death than getting her interest now.

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