rjordan393
New Member
I have learned that my niece may be liable to pay the Pa. inheritance tax of 15% on the house that is now titled in both our names. By the time I pass away, the house could be valued as much as $270,000. But I am not sure if the inheritance tax applies in our case. Here are the facts:
I am 73 years old, single and never married and I purchased a house in 1970. I knew beforehand that my finances would be stretched as I took out a mortgage of 170,000. So I contacted my niece and her husband who were living in an apartment and asked them if they would like to come live with me and share expenses of home ownership. Then after my death, they would be the beneficiaries of my estate.
At the real estate closing, my name was put on the deed. A year later, I paid transfer fees to put my nieces name on the deed with 50% share of ownership.
Now here is the legal point: If the three of us are sharing expenses such as mortgage, taxes, maintenance, utilities and food; then can the state of Pa. impose an inheritance tax on my niece after my death? Its like all of us are buying the house and there should not be an inheritance. Your opinions?
I am 73 years old, single and never married and I purchased a house in 1970. I knew beforehand that my finances would be stretched as I took out a mortgage of 170,000. So I contacted my niece and her husband who were living in an apartment and asked them if they would like to come live with me and share expenses of home ownership. Then after my death, they would be the beneficiaries of my estate.
At the real estate closing, my name was put on the deed. A year later, I paid transfer fees to put my nieces name on the deed with 50% share of ownership.
Now here is the legal point: If the three of us are sharing expenses such as mortgage, taxes, maintenance, utilities and food; then can the state of Pa. impose an inheritance tax on my niece after my death? Its like all of us are buying the house and there should not be an inheritance. Your opinions?
