what does he have to do to get the deed in to my name.
I'm assuming that both your parents names were on the deed as "joint owners with rights of survivorship.".
If that is the case then a Joint Tenancy Affidavit should be prepared and recorded with respect to your mother. That would clean up title to establish that your dad is now the sole owner.
Then a Deed would be prepared to either add you on as a joint owner with dad or to put the property solely in your name -depending on his intentions.
There could be tax and legal considerations for you and/or your dad. Also, there are variations on how to hold title (including in trusts). Therefore it would really be wise to talk with an attorney and explore matters before your do the above.
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In most cases, a transfer during lifetime is a bad idea. You will take a carryover basis in this property not the date of death value. The carryover basis is what he paid plus improvements. If the house was bought in 1997 or before then, his basis may be very little. If he drafts a will and passes the house to you via the will, you will get a step up in basis to the date of death value. In the latter case you will pay very little in capital gains on a later sale. If he gifts you the property and then sell, you will probably have a huge tax bill.
By the way, if he does what he contemplates he must file a gift tax return.
For an article on doing what he is contemplating and how the IRS is policing this area please read IRS Checking Real Estate Transfers For Unreported Gifts at the following link: http://www.sjfpc.com/IRS_Auditing_Real_Estate_Gifts_Tax_Rules_Returns_Form_709.html
Hope this helps.
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Mr. Fromm is licensed to practice law throughout the state of PA with offices in Philadelphia and Montgomery Counties. He is authorized to handle IRS matters throughout the United States. His phone number is 215-735-2336 or his email address is [email protected] , his website for more tax, estate and business articles is www.sjfpc.com. and his blog is
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Both answers above are well written and great advise. I think there may be one more opetion that you may wish to consider. A recent law would allow your father to automatically transfer the property to you upon his death and retain full ownership during his life. Effective since January 1, 2012, Illinois now offers a "TODI". A Transfer on Death Instrument avoids probate but allows your father to retain full ownerhip during his life. If her is a senior citizen or approaching that age, his property taxes may be able to hold steady or he may qualify for a discount. Additionally, without that property in his estate, a probate may be much more reasonable or avoidable all together.
One key is to ensure this instrument is properly executed. Since this is a new law, it is advisable to find an attorney who is comfortable with the additional requirements that this new transfer instrument entails. Additionally, this "TODI" is revocable which allows the the ownership to be very flexable in the future. This decision should be carefully discussed between you, your father, and an attorney to discuss what method of transfer is best for your situation.
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