To Quitclaim or not to quitclaim that is the ?.

[Theone2432]

What is the name of your state?CA

Ok - you have all been great so far and Thanks alot. But I have another question. If we are going to inherit a property would there be any advantage to having the current owner quitclaim the property to us as opposed to waiting for the estate to go through probate?

Respectfully,

WD

 

[Snipes5]

If you are going to inherit something, isn't the current owner dead?

Inheritance is almost always better than quitclaim/gift.

Snipes

 

[Theone2432]

Terminally ill. So, the inheritance would be better than having it signed over?.

 

[Snipes5]

Yes.

If you inherit, your basis is the value on the date of death. If it's quitclaimed, your basis is the donor's basis. Then when you sell it, your "gain" is what you're taxed on. Obviously it is better in that case to have a higher basis.

Snipes