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Personal Finance and Investing

PoindexterOglethorpe

(25,857 posts)

11. Right. You inherited in a will.

Reply to progree (Reply #10)

Sun Nov 12, 2017, 11:06 PM

Nov 2017

Not through a before-the-death quit claim. The trust agreement is in lieu of a will. Not the same as a quit-claim deed with no will. Or entirely outside of any will.

A will makes all the difference in the world, in very many ways, not the least of which is that if someone dies intestate it can be a real nightmare for the survivors.

Everyone needs a will.

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11 replies

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Tax question [View all] russ1943 Nov 2017 OP

Probably the right group. elleng Nov 2017 #1

I believe her basis is the amount the condo was worth at the time of Gertie's death Angry Dragon Nov 2017 #2

We'd like that. russ1943 Nov 2017 #3

Straight from the horses (The IRS) mouth; A HERETIC I AM Nov 2017 #4

Dunno, but it's not a simple inheritance. A quit claim deed is a transfer of ownership while progree Nov 2017 #5

Here's another: quit claim deed vs. transfer on death deed progree Nov 2017 #6

I'm pretty sure that PoindexterOglethorpe Nov 2017 #7

I don't think putting someone on a will ever has any tax effect at the time progree Nov 2017 #8

If the houses passes in a will, PoindexterOglethorpe Nov 2017 #9

My sister inherited a house, and the basis was the FMV at day of death progree Nov 2017 #10

Right. You inherited in a will. PoindexterOglethorpe Nov 2017 #11