Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

This answer was rated:

I have a question and was wondering if you can help me. My…

I have a question...

I have a question and was wondering if you can help me.

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

My Dad passed away in 2009 so we transferred the name on the title to my sisters name. Since then I took ownership of the house and moved in. I have been paying the taxes ever since on the house. All they siblings were fine with me getting the house since I have been living there and paying that taxes on the house. I never transferred the house to my name. I am barely doing that right now. Will my sister or I have to pay any penalty fees.capital gains?

Accountant's Assistant: Is there anything else important you think the Accountant should know?

Will I have to pay capital gains if is sell it before 2 years even if I have lived in the house for over 5 years

Show More
Show Less
Ask Your Own Tax Question
Answered in 2 minutes by:
3/9/2018
Gerald, Esq
Gerald, Esq, Attorney
Category: Tax
Satisfied Customers: 5,359
Experience: Over 30 years of experience.
Verified

Hello,
Thank you for using Just Answer. Please bear with me while I review your question. I will respond fully shortly. Thank you for your patience.

Ask Your Own Tax Question
Customer reply replied 4 months ago
Hello

Hello,

Thank you for your patience and thank you for using Just Answer. I want to provide you the best service I can. Please feel free to ask any follow-up questions you have.

I am an attorney with 30 years of experience; I hope to provide you information that will help you in resolving your question.

You will not be facing any penalties. The capital gains issues will be minor if you have them at all.

1) When your father passed away there was a "Step Up" capital gain to the heirs. This means that the Cost basis of the house to the heirs was the value of the property on the date of your father's death. That will be the basis.

2) IF you are not paying your sisters for the property then it is a a gift to you. When you sisters transferred the house to you within the family as a gift you will recieve the house with the basis that they had. That is the value of the property as of the date of your father's death.

OR

If you are paying them for the house then the money that you are paying minus their Cost Basis them is their Gain or Loss. The amount that you pay will be your Cost Basis.

3) They can transfer you the property through the use of a Quit Claim Deed.

4) Once the property is in your name it must be your primary residence for 2 years. At that time you will be eligible for the capital gain exclusion for the sale of your personal residence.

I hope the information I provide is useful to you. I want you to be comfortable and satisfied with my attempt to assist you. Please, if you have ANY follow-up questions, feel free to ask.

If you ask a follow-up question and I do not respond immediately, it is because I am temporarily unavailable. I promise to respond as soon as I return. Please note that I am often unavailable Friday evening through Sunday.

Please do not forget to give me a positive rating. It adds nothing to your costs but helps me greatly. Thank you.

If you are dissatisfied with my response, PLEASE let me know before giving me a negative review so that I may try to be of better assistance. Or, if you prefer, let me know and I can “Opt Out” and your question can be re-posted without additional cost to you. I will be fair to you, and only ask the same from you.

Good luck.

Please note: Information is educational and not given as legal advice. Only your local attorney can give legal advice. I can't establish or accept an attorney-client relationship with you. All posts are available for public viewing.

Kind regards,

Gerald

Gerald, Esq
Gerald, Esq, Attorney
Category: Tax
Satisfied Customers: 5,359
Experience: Over 30 years of experience.
Verified
Gerald, Esq and 87 other Tax Specialists are ready to help you
Ask your own question now
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Gerald, Esq Your Own Question
Gerald, Esq
Gerald, Esq
Gerald, Esq, Attorney
Category: Tax
Satisfied Customers: 5,359
5,359 Satisfied Customers
Experience: Over 30 years of experience.

Gerald, Esq is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,512 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,569 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
My father passed away without a will. The land that the
hello, my father passed away without a will. The land that the house they lived in was in his name only and I jut found out that I technically inherited a fourth of that. My mom is selling the house a… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor\u0027s Degree
3,087 satisfied customers
I had asked a question earlier today. I wanted to give more
I had asked a question earlier today. I wanted to give more details on the question. My dad got sick 2007 so we decided to put the house in my sisters1 name. In 2009 the house was changed to sister2 n… read more
Gerald, Esq
Gerald, Esq
Attorney
Juris Doctor
5,359 satisfied customers
I have a very complicated situation with home property that
I have a very complicated situation with home property that sold in 2015. The house was transferred between siblings. My name was added in 2012-2015. But my sister has always claim the house on her ta… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
My mother passed in 12 2014. The home was our 3 siblings
My mother passed in 12 2014. The home was our 3 siblings name. The property was sold after her death and we each received $75k. The attorney that did the closing sent me a 1099S form. Do we pay taxes … read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor\u0027s Degree
3,087 satisfied customers
My mother passed away in April 2011, then my father passed
My mother passed away in April 2011, then my father passed away in July 2011. Me and my three sisters were left the house equally. The estate was under $1,000,000.00 so no estate tax was due. My siste… read more
CGCPA
CGCPA
Owner
Bachelor\u0027s Degree
3,815 satisfied customers
Before my mother passed away in 2000, she provided paperwork
Before my mother passed away in 2000, she provided paperwork to my sister so she could put the deed to their property in my sister and brother's name so the state could not take the property if and wh… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
REAL ESTATE QUESTION When our Dad died in 1986, my sisters
REAL ESTATE QUESTION: When our Dad died in 1986, my sister's name was added to the deed of our Mom's house in order to avoid probate. We have just sold the house for $290K, and we understand that capi… read more
Wendy Reed
Wendy Reed
Master Tax Advisor Enrolled Agent
Master\u0027s Degree
3,197 satisfied customers
capital gains tax question We moved into our family home
capital gains tax question: We moved into our family home in 1957. Our dad died in 1986, and our Mom added my sister's name to the deed. There are four (4) siblings and nothing is owing on the house. … read more
Karla
Karla
Master\u0027s Degree
1 satisfied customers
i recently sold a property and recived a third of the sale
i recently sold a property and recived a third of the sale around 33,000 what is the capital gains tax on that can you help me… read more
Dr. Arthur Rubin
Dr. Arthur Rubin
Doctoral Degree
173 satisfied customers
about 3 years ago my father and mother changed the title to
about 3 years ago my father and mother changed the title to their deed from his name to my sister and I...my mother dies in 2008 but he continued to live in it, payed the mortgage and all other expens… read more
RD
RD
Self Employed
Master\u0027s Degree
1,164 satisfied customers
My parents bought our family home in 1952. Mom died in 1968.
My parents bought our family home in 1952. Mom died in 1968. In 1974, , Dad added our sister's name to title so that she could serve as steward of proceeds when he died and family home was sold. Dad d… read more
Lev
Lev
Retired
Bachelor\u0027s Degree Equivalent
27,127 satisfied customers
My mother passed away and left me a home with a rereverse mortgage.
My mother passed away and left me a home with a rereverse mortgage. There is a little confusion because she removed the house from her trust when she took out the loan. In terms of our tax status will… read more
Lev
Lev
Retired
Bachelor\u0027s Degree Equivalent
27,127 satisfied customers
My grandmothr had a trust of 200 acres of land and it was disolved
My grandmothr had a trust of 200 acres of land and it was disolved in Dec. 2009 for fair market value. My bother.sisters and I are the heirs. But my dad passed away in May of 2009 and the trust lawyer… read more
RD
RD
Self Employed
Master\u0027s Degree
1,164 satisfied customers
Our mother passed away in May. I am I the process of settling
Our mother passed away in May. I am I the process of settling the estate. I would like to sell the mutual funds and disburse the cash to my brother & sister. The accounts are still in my mother's name… read more
Bill
Bill
Master\u0027s Degree
3,132 satisfied customers
My mother passed away in 1997. At that point, my older sibling(head
My mother passed away in 1997. At that point, my older sibling(head of the estate) lived there for 3 years. After she moved out of state, I myself moved in and have been living their ever since. The h… read more
RD
RD
Self Employed
Master\u0027s Degree
1,164 satisfied customers
My mother passed away over two years ago and we are getting
My mother passed away over two years ago and we are getting ready to put her house on the market. Before her death, she put one of my siblings on the title. Her will stipulated that the house proceeds… read more
Lev
Lev
Retired
Bachelor\u0027s Degree Equivalent
27,127 satisfied customers
Five years ago my sister convinced my mother to take ...
Five years ago my sister convinced my mother to take her home out of her trust and gift it over to her. My mother is still alive, she's 88 and lives in the house with my disabled brother who is on SSD… read more
Mr. Mike
Mr. Mike
Master\u0027s Degree
133 satisfied customers
Will the state take the house, if not, how are the taxes decided
My parents put their home in mine and my sisters name in 2000. My mom just died and my dad is going to a nursing home. Are we safe in being able to keep the house? If we want to sell it and split it e… read more
Lev
Lev
Retired
Bachelor\u0027s Degree Equivalent
27,127 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x