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PA Tax on inter-family property transfer?

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Juliec

Junior Member
What is the name of your state? Pennsylvania

My father died in October 2005 but my mother is still living. My 2 sisters & I would like to transfer the house from my mother's name into ours. She will still be living in the house. Other than property tax, will we owe any taxes as a result of doing this?

Thanks for your help!
 


LdiJ

Senior Member
Juliec said:
What is the name of your state? Pennsylvania

My father died in October 2005 but my mother is still living. My 2 sisters & I would like to transfer the house from my mother's name into ours. She will still be living in the house. Other than property tax, will we owe any taxes as a result of doing this?

Thanks for your help!
Well...if she gifts the property to you her current basis would become your basis. That could put you at risk for considerable capital gains taxes later on down the road if/when you eventually sell the property.

Other than that, you and your sisters wouldn't be subject to any taxes, but your mother might if she has exceeded her lifetime exclusion for gifting.

Edit to add something:

I just noticed that you put PA in your title. My answer was regarding federal taxes. I can't guarantee that there wouldn't be any PA state tax consequences as I am not familiar with tax law in PA. There wouldn't be any in my state, but each states laws are different.
 
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