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About Helen P. O`Planick, EA
Expertise
I am a tax professional, with experience in individual taxation. I would prefer not to answer questions about non-resident aliens or corporate taxation. Please do not ask me state related questions, unless the state is Pennsylvania. There are 42 taxing states and 42 TOTALLY different sets of state tax law.

Experience
I have been preparing tax returns almost all my life. I have been in professional practice for 25 years and I am enrolled to practice before the Internal Revenue Service.

Organizations
National Association of Enrolled Agents

Publications
I am a prior Money Magazine Tax Test taker and have been quoted extensively in all media including monthly periodicals and books by tax authorities.

You are here: Experts > Business > Corporate Law > Tax Law (Questions About Taxes) > Transfer of my deceased mother's home

Topic: Tax Law (Questions About Taxes)

Expert: Helen P. O`Planick, EA
Date: 10/1/2008
Subject: Transfer of my deceased mother's home

Question
I am an only child and my mother passed away last year. She owned her own home, which still has a mortgage. She had a fiance, but everything goes to me. I have been working with a lawyer that my mother's fiance has used in the past. We all have a very good relationship and I want to make sure I am doing the right thing. We are going through probate, which can be filed October 20,2008. My mother's fiance continues to reside in the house and make mortgage payments. I want him to keep the house. My husband and I want to know the best way to go about making the transition from my inherited ownership of the house to turning it over to him. Do we sell it to him? Gift it? The lawyer we have is not very experienced with this part and we do not want to be taxed heavily. They suggest after the probate is complete that my husband and I get joint tenant with joint interest and then we each gift half of the equity this year and then half in January of 2009 and then we can give it to him. I am very confused on this issue and want to make the best decision for everyone. The other item in question is her tax return from last year. That is in probate also and I assume that is mine when probate is finished. Would she have qualified to get the tax relief distribution since she worked the year prior? Her date of death was November 11,2007. I appreciate any advise and apologize for being so lengthy. Thank you, Dawn M.

Answer
Dawn, if the return is not filed by October 15, she will not get the rebate.

As for the rest, you can just gift him the house, he would get Mom's date of death value and you will not have tax to pay unless you have already gifted out a million dollars.

You may have problems with the mortgage company tho, that would be wise to check out.

Helen, EA in PA

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