Do I have to pay inheritance tax on a house that my name is in both mine and mymom’s name if shepasses away?
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Do I have to pay inheritance tax on a house that my name is in both mine and mymom’s name if shepasses away?
Asked on January 13, 2012 under Estate Planning, Indiana
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
It is good that you are thinking ahead to estate plan a bit. First, I am assuming that you live in a state that has an inheritance tax because not all states do. This tax is paid by you if you receive property from the estate. You own half the house, correct? Then if your Mother Willed you the other half you might pay tax on that half only. But this can be avoided if the deed states that you own "with rights of survivorship." Then the house would pass to you automatically at the time of her death. Get help. Good luck.
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