What is the name of your state? Georgia, question, however I live in Florida.
My uncle took out a warranty deed on his property to me with life estate a number of years ago. He recently passed.
1) Would this be considered an inheritance for inheritance tax or would I consider it as a capital gain?
2) What taxes do I need to pay and when?
3)If this is considered a capital gain, would my cost basis be at the time the house was deeded or upon his death?
Thanks, in advance.
My uncle took out a warranty deed on his property to me with life estate a number of years ago. He recently passed.
1) Would this be considered an inheritance for inheritance tax or would I consider it as a capital gain?
2) What taxes do I need to pay and when?
3)If this is considered a capital gain, would my cost basis be at the time the house was deeded or upon his death?
Thanks, in advance.
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