Taxes on Selling Inherited House

[Pablo1]

What is the name of your state? NM

My dad died in May, 2005 and left his house to my brother and I. What are the tax advantages of registering the deed for my late father's house in the name of the estate or personal representative (my brother) as opposed to simply putting the deed in the names of both of us.
Does it make any difference in terms of taxes?What is the name of your state?

 

[anteater]

None at all.

 

[Dandy Don]

Get legal consultation before you put any property into anyone else's name--that may not be a wise thing to do. The party whose name it is put in could sell if they wanted to. You also need to be consulting with a CPA or tax accountant to figure out now what the tax liability would be if the home were sold--there will be a capital gains tax but it may be less than you think and probably affordable/within your means to pay. Better to do things legally and correctly and have the deed properly reflect the names of the new heirs.

DANDY DON IN OKLAHOMA ([email protected])