ExFlyBoy5
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
I understand the general rules of an inherited property when it comes to the stepped up basis. However, does this rule apply if the home is held as joint tenants w/ rights to survivorship? I don't think that it does, but wanted to see what the consensus is with the group.
Example: "A" owns home in fee simple. In the year 2000, "A" does a quit claim deed to add "B" to the deed; it's now owned by "A" and "B" (they are not married). In 2020, "A" dies. If "B" sells the house, will "B" be responsible for the capital gains from 2000 to 2020 ("B" never lived in the home and is unable to claim it as a primary residence)?
I ask this question because my Dad wants to add me to the deed of his home. We would not file it (to avoid the hassle of re-accomplishing the exemption paperwork along w/ a couple other reasons) unless he dies. Doing this would remove the home from probate, however, I think I would have to pay any capital gains on the property from the QC Deed until his death.
Note: In Georgia, a deed is NOT required to be filed to be valid; that's not a variable in this question.
Example: "A" owns home in fee simple. In the year 2000, "A" does a quit claim deed to add "B" to the deed; it's now owned by "A" and "B" (they are not married). In 2020, "A" dies. If "B" sells the house, will "B" be responsible for the capital gains from 2000 to 2020 ("B" never lived in the home and is unable to claim it as a primary residence)?
I ask this question because my Dad wants to add me to the deed of his home. We would not file it (to avoid the hassle of re-accomplishing the exemption paperwork along w/ a couple other reasons) unless he dies. Doing this would remove the home from probate, however, I think I would have to pay any capital gains on the property from the QC Deed until his death.
Note: In Georgia, a deed is NOT required to be filed to be valid; that's not a variable in this question.
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