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 Robin D. Your Own Question
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15610
Experience:  15years with H & R Block. Divisional leader, Instructor
Type Your Tax Question Here...
Robin D. is online now
A new question is answered every 9 seconds

My Dad and s wife want to put their fully paid property in

Customer Question

My Dad and his wife want to put their fully paid property in my name to avoid probate when he dies. They live in Missouri and I live in California. What tax implications would this have for me when the property is sold?
Submitted: 1 year ago.
Category: Tax
Expert:  Robin D. replied 1 year ago.


When the property is sold you will have to use as your cost the same amount your father paid for the property when he purchased and not receive a step up in value. This could mean you would pay more in tax on the sale.

If you inherited you would be allowed to count as the cost the fair market value of the property on the date your father passes away. If you sold with in the same year you would most likely have no gain which would mean no tax on the sale for you.

That is the difference in selling a gift and selling property one inherits.

Please remember to rate my service excellent once you have all the information you need. If you have any other questions, please ask me – I’ll be happy to respond. Thank you!

Expert:  Robin D. replied 1 year ago.

Let me know if you need me to clarify