What is the name of your state? South Carolina
Hello,
My father passed away recently without a will. His property has gone through probate and is now there is 5 names on the deed (50% mother, 12.5% for each of the 4 children). We are trying to transfer the property into one name but heard that it might be taxed as a gift. The property is worth roughly $200,000.
Would this transfer be taxable and if so how much?
Thanks!
Hello,
My father passed away recently without a will. His property has gone through probate and is now there is 5 names on the deed (50% mother, 12.5% for each of the 4 children). We are trying to transfer the property into one name but heard that it might be taxed as a gift. The property is worth roughly $200,000.
Would this transfer be taxable and if so how much?
Thanks!