Q: I have a friend that is getting his mom’s house.(going thru probate) I plan on buying it to flip and sale.
Can he let me inherit it thru probate so I can dodge some of the taxes of selling it in a short amounts of time.
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A:
You cannot inherit the house through probate if it was originally left to your friend, as the probate process distributes assets according to the deceased's will or state law. If your friend receives the property through probate, it becomes his to sell, and the sale would be subject to capital gains tax, depending on how quickly he sells it.
If you were to inherit the house directly, it would require changes to the will or the estate plan before the probate process is completed, which can be complex and may not be legally possible at this stage.
Buying the house directly from your friend might be the simplest option, but it won't avoid the capital gains taxes you’re concerned about.
Anthony M. Avery agrees with this answer
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