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JMM1269

Junior Member
What is the name of your state (only U.S. law)? Rhode Island

What if any is the impact on Real Estate Taxes if my name is added to my mother's deed? She is currently receiving the RE tax benefits accrued to my diceased father as a war veteran.What is the name of your state (only U.S. law)?
 


FlyingRon

Senior Member
I think she can continue to use the exemptions she is entitled to but you'd best talk to the individual tax office, each town in RI seems to have it's own rules for things.

HOWEVER, why is your name going on the deed? This can have very SERIOUS implications for both you and your mother. Unless you are also over 65, it locks her out of the possibility of a reverse mortgage should that ever become necessary. It also may screw up medicare eligibility. For you it means that you are going to get the your mother's presumably low basis in the property from the gift. This could mean substantial tax liability for you if you ever sell it.
 

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