Inherit or not ?

[outfielder]

What is the name of your state (only U.S. law)?
Indiana

My father gave me money to purchase a rental property, the proceeds of which went to suport my father until he passed. After two years he has passed. The property is in my name . How will it be treated tax wise if at all ?

 

[justalayman]

by title, it is yours. Is there some documentation showing a loan or gift to you of the money?

 

[curb1]

Did father have other considerable assets? Was there a gift tax form filed? Most likely there would be no tax consequences.

 

[outfielder]

Inherit or Not

Thanks, did not have considerable assets. No gift documentation was filed. He did have other assets outside of this property that are addressed in a will. Currently determining his assets at time of death.

 

[LdiJ]

What is the name of your state (only U.S. law)?
Indiana

My father gave me money to purchase a rental property, the proceeds of which went to suport my father until he passed. After two years he has passed. The property is in my name . How will it be treated tax wise if at all ?

There are no tax consequences for you. Either the money he gave you was a gift or a loan which ended up being forgiven with his death. It could also be looked at as an investment on your father's part since the rental money was used for his support.

If it was a loan or an investment, its likely that your father should have been reporting some income (either interest or investment income).

If you sell the property of course you would be looking at potential capital gains tax.