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#1
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rescind property to estatemy dad passed away before he did he put his house in her name now she is getting taxed is there a way to avoid this large tax. like rescinding?or something else. sisters name Last edited by sheilatenhundfe; 04-09-2002 at 10:50 PM. |
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#2
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| Did he give her the house as a gift? What specific tax is she charged with? Is it income tax or gift tax or property tax? |
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#3
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| he put it in her name cause he knew he was terminal,is did not discuss why he did it, income tax is what they are taxing her on |
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#4
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| I don't understand. There is no income tax on a gift. So if the problem is income tax, they are taxing her on something other than the gift of the property. Is the property rented out? |
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#5
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taxshe has sold it and it is putting her in a higher tax bracket so she is trying to find out if there is any option like recinding or if anything else is possible 80,ooo is what she sold it for and she is dividing it with me and 1 other sister .10,000 is about what tax she would have to pay |
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#6
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| For some reason, Uncle Sam has decided he deserves a chunk of that money. I'm afraid your sister is stuck with the income tax bill. |
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#7
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| She sold the property at a gain. That gain became taxable at the time of the sale. However, since she got $80,000, she can afford to pay $10,000 in income tax. |
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