Tax question

[progree]

5. Dunno, but it's not a simple inheritance. A quit claim deed is a transfer of ownership while

the donor is still alive (on edit: at the time the deed is filed and recorded), seems to me. Seems like a gift tax was due at that time.

I googled: quit claim deed and capital gains tax

and read just a couple of articles

http://time.com/money/4659139/quitclaim-deed-taxes/

http://www.calcpa.org/public-resources/ask-a-cpa/home-property/tax-issues/does-my-mother-owe-capital-gains-on-property-received-in-a-quitclaim-deed

and some of Wikipedia's article on quit claim deeds - https://en.wikipedia.org/wiki/Quitclaim_deed

But then I don't know beans about quit claim deeds, apparently there are various forms of it???

I don't know what the stuff about adding and removing and adding someone to a quit claim deed is all about, but I don't think it's the same as changing one's will.

If it was a simple inheritance like if Gertie put her sister in the will, then yup, the basis would be the fair market value at the time of Gertie's death, no question about it. (But then I'm not any kind of expert in any of this).