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? Would we each report the gains as capital gains or ordinary income in each case?What is the name of your state?
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? Would we each report the gains as capital gains or ordinary income in each case?What is the name of your state?