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Get your taxes done using TurboTax
To add to @pmurphy3's answer - be aware that if you add people to the deed, this is considered a gift and they take on a share of your basis (purchase price) for future capital gain calculations.
Whereas, if these same people are allowed to inherit the property, they receive a step-up in basis to the current value of the property at that time.
So, for future tax planning, it is possible you could be setting the family members up to pay more tax than required by adding them to title now.
This all is dependent on who lives in the house and how much value the house appreciates between now and whenever you are no longer here, but it is a tax planning consideration.
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‎November 16, 2022
1:44 PM