Q: HOUSE WITH NO MORTGAGE WAS TRANSFERRED TO MY NAME WITH THE UNDERSTANDING THAT THE ELDERLY FOLKS GET TO LIVE THERE TILL
THEY ARE UNABLE. WILL I BE SUBJECT TO AN INHERITANCE TAX? I AM PAYING THE TAXES AND INSURANCE ON THE HOUSE. THANK YOU
A: Impossible to know the tax implications without fully reviewing the relevant legal documents to determine exactly what was done and how. Hire an attorney or consult the attorney who handled the transaction to do this.
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