A month before my sister passed in July,2012, she put me on the property as a joint tenant with right of survivorship. I sold the property for $52,000.00 in December, 2012 and spent $8000 just for cleaning and upgrading. I am tryiyng to file inheritance tax return and need to know if I can deduct $8000 and settlement costs as expenses. Also, I was the 100% beneficiary. Thanks
Estate Planning Attorney
Costs of upkeep are only deductible on the PA inheritance tax return if the property was in the estate and not specifically devised under a will. Since you took title by survivorship these costs are not deductible.
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