Q: my brother owns a home, i am his only sister and relative does it automatically pass to me upon his passing
should i get documentation before he passes and how would that impact me in terms of taxes
A: Your brother may direct the disposition of his property in any manner he decides upon in his Will. In the event that your brother passes without a Will, if he is a New York resident his property would pass according to applicable law which the following link summarizes: https://nycourts.gov/courthelp/whensomeonedies/intestacy.shtml
A: First, it would depend on the current ownership, whether he owns it alone or with someone else. A joint tenant would have rights of survivorship, which means they would take title upon his passing. Barring that, it would depend on whether he had a will upon passing, which would otherwise control the distribution of assets of his estate.
A: The answers you got are right. When you say he "owns" it, are you sure only his name is on the current deed? If there is no will (which could leave it to anyone), and you are next of kin, you would inherit it. There is no tax due unless the building is worth millions. A bequest is not income taxable to you.
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