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My father & I own 2 houses JTWROS in Jefferson County CO.

Customer Question
My father & I...

My father & I own 2 houses JTWROS in Jefferson County CO. What are the federal & state tax consequences if he dies and I want to sell them?

Accountant's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

Colorado

Accountant's Assistant: Has anything been filed or reported?

The titles are in both our names as joint tenants with right of survivorship

Accountant's Assistant: Anything else you want the lawyer to know before I connect you?

No, thank you

Submitted: 9 months ago.Category: Tax
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Answered in 5 minutes by:
9/18/2017
Tax Professional: Robin D., Senior Tax Advisor 4 replied 9 months ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,012
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 9 months ago

If he passes away you will inherit his half and the basis for his half is the fair market value of that half.

Here is an example:

You purchase a property for $200,000 ($100,000 basis for each of you). Your father passes away the property is valued at $400,000. His half of the Fair Market is $200000. You keep your original $100,000 and add the $200,000 making your cost now $300,000. If you sell for the FMV of $400,000 your gains is only $100,000 instead of the $200,000 from original purchase.

Please let me know if you need more information. You can post below
If not then scroll up to see the STARS to rate so I am credited.

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Satisfied Customers: 18,012
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