Hi all,
My father owned his primary residence in joint tenancy with me. About a decade ago, he applied for a state program that helps seniors postpone their property taxes, whereby the state places a lien on the property and pays the property taxes to the county government. To be clear, this is not a property tax lien imposed for delinquency on property taxes. Rather, this is a senior assistance program (with certain required qualifications and an application process) that they do not specifically call a loan.
He recently passed, and his 50% ownership transferred to me via the joint tenancy. I'm interested in selling the house.
- Would the outstanding balance increase the home's adjusted cost basis?
- Does it matter that the postponement was in his name and that I inherited the property with this encumbrance?
Thank you all
