1919677
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

j4gclib
New Member

Do I own home if I inherited deceased mother's home 6 years ago even if deed is under her name?

Deceased mother left me her home in a will.  I have always lived with her.  Deed still under her name.  I continue to pay property taxes.  Does this make me the home owner?
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

4 Replies

Do I own home if I inherited deceased mother's home 6 years ago even if deed is under her name?

The answer is No, you are not officially a home owner yet.   You need to remove your mother's name from the title and from the deed. Removing a deceased person from a property deed clears up the land and property tax records and allows the you to deal with the property. 

Do I own home if I inherited deceased mother's home 6 years ago even if deed is under her name?

Related - if the home was then sold and the deed transferred at the time of sale (to the sole heir), what is the capital gains/loss liability?  For tax purposes, would the FMV still have to be at the DOD?

Do I own home if I inherited deceased mother's home 6 years ago even if deed is under her name?

sorry for your loss, the cost basis as heir is the date of death FMV despite the fact her death was 6 years ago.  however, the estate should have paid for or reimbursed you if you paid for any improvements after she died which would add to the DOD FMV.   

Do I own home if I inherited deceased mother's home 6 years ago even if deed is under her name?

You said there was a will.

Was the will executed?

At that time the ownership would have been transferred to you.

This is the responsibility of the executor.

 Maybe you were the executor.

 

 

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question