income or inhearatince
My commonlaw husband of twenty years was dying of cancer. He had no will and the only thing he owned in his name was a piece of property. He turned over this property by quit deed two weeks before he died to my daughter.She lives in Maryland. He died two weeks later. My daughter since sold the property for about $6,000 will she have to pay tax on it as income or as inhearatince. Thank You Jeanne
1 Answer from Attorneys
Re: income or inhearatince
The real estate was gifted to your daughter through a quit claim deed and was subsequently sold. The execution of deed makes a gift. Contact an attorney to discern whether execution occurred.
Real estate considerations as to the passing of title and any claims beyond that are not part of this response.
Your daughter has no obligation to declare income on the property until its sale. The basis needs to be determined; however, the annual gift tax exclusion aptly applies to avoid taxes upon your daughter (this presummes completion of the gift). Contact an attorney for assistance.
You should obatin assistance with tax filings.
Joe Holthaus (410) 799-9002
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