J
joek
Guest
What is the name of your state? Florida
Greetings, Several years ago I became joint owner of a home, through a quit claim deed, stating joint owners with right of survivorship.My brother was the other joint owner. In June of this year, my brother passed away and the house became mine through that deed. Now, the house is paid for fully and I want to give it to my sister who does not have a house of her own. I do not really need this house and I want to be generous and helpful to my sister. My concern is the tax issues. Am I subject to any taxes from my becoming sole owner and will I have any tax problems by giving this house as a gift? It is worth about 90,000 dollars.
Greetings, Several years ago I became joint owner of a home, through a quit claim deed, stating joint owners with right of survivorship.My brother was the other joint owner. In June of this year, my brother passed away and the house became mine through that deed. Now, the house is paid for fully and I want to give it to my sister who does not have a house of her own. I do not really need this house and I want to be generous and helpful to my sister. My concern is the tax issues. Am I subject to any taxes from my becoming sole owner and will I have any tax problems by giving this house as a gift? It is worth about 90,000 dollars.