Hi and welcome back to our site!
I will address your question one-by-one
What would be the date acquired? The date her dad transferred to them?
In most situations - that woudl be the date the title is registered in the county where the property
The basis would be the cost of home, any expenses of the sale and any repairs to the home over the years?
Based on your information - the property will be gifted.
The basis of the gifted property is the lesser of (1) donor's basis and (2) the fair market value (FMV) at the tome of gifting.
The donors basis is the original purchase price adjusted by improvement expenses and some other items.
And would it be considered a long term gain or not?
When donor's basis is used - yes - that woudl be treated as long term because donor's holding period is considered.
And what ever amount was to be taxed as capital gain, would that be taxed at 15%?
The tax rate
would be based on total income
For most taxpayers - the long term capital
is not more than 15% - but the actual rate woudl be based on circumstances.
What kind of form would need to be signed by the step mom and then by the dad?
In general - for that purpose the quit claim deed form is used
Here is an example
I would contact your county and verify if they have any pre-approved form - and if they will accept the form you are using.
Please verify - there are four pages.
Is an attorney required or just a notary?
doesn't required to use an attorney for such transfer - that would be your choice.
The notary might be required to acknowledge the signature.
If her dad has power of attorney for her step mom, can he sign the form for the transfer to himself without bothering the step mom which has Alzheimer's?
Yes - that is possible to use POA.
However - when the person is medically disables - a durable powers of attorney generally should be used.
Under Louisiana laws - the power of attorney is automatically durable, meaning it will not expire when the person becomes incapacitated.
If he doesn't have power of attorney yet, can he get it and what are the steps?
In this case - the issue would be more complicated and most likely you woudl need to consult with a local
If the person is not capable because of medical
condition - that person may not sign the POA.
You would need to obtain a legal guardianship via the court ruling.
Following article provides some details.
Let me know if that answered your questions.