Q: Does real estate transfer tax apply to joint tenancy survivor if sold to lineal descendant of deceased joint tenant?
My father and I shared a home for several years preceding his death, and early on we transferred the deed to both of our names in joint tenancy with rights of survivorship. He passed away last year, and my nephew (my father's grandson, so his lineal descendant) would like to purchase the home to keep it in the family. The deed is still in joint tenancy.
If the home is sold to my nephew, is some (or all) of the transaction excluded from the real estate transfer tax?
A: When your father died, the property automatically passed to you by right of survivorship, if you have correctly stated that you and your father owned the property as joint tenants, not as tenants in common. The fact that his name is still on the deed is irrelevant. Therefore, the conveyance to your nephew is a conveyance from you, alone, and the entire conveyance would be subject to transfer tax since a conveyance to one's nephew is not an exempt transfer.
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