Question

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

Forum|Forum|5 years ago
February 14, 2021
1 reply
0 views

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?

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N

npierson777

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.

H

HH125

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?

M

Mike9241

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.