My mother passed her condo onto me through a quitclaim process before she died. Do I owe any taxes on it?

2 years ago 304

The Big Move

Last Updated: Sept. 11, 2021 astatine 9:24 p.m. ET First Published: Aug. 12, 2021 astatine 3:29 p.m. ET

‘I was told by my income taxation preparer that she should person paid immoderate benignant of a tax. But she ne'er filed income taxes for years arsenic she was not required to due to the fact that of her debased income.’

Transferring spot from parents to children tin beryllium analyzable from a taxation perspective, depending connected the way taken.

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My precocious parent passed her condo onto maine done a quitclaim process 10 years earlier she died. I was told by my income taxation preparer that she should person paid immoderate benignant of a tax. But she ne'er filed income taxes for years arsenic she was not required to due to the fact that of her debased income and was not advised to bash truthful by her property fiscal planner who took attraction of the quitclaim process for her.Also, I unrecorded successful California arsenic did my mother. I work online that according to authorities law, should I merchantability the condo, I would lone person what it was worthy astatine the clip of the quitclaim and person to wage taxes connected that amount. Is this true? My precocious mother...

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