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Real Estate
Reply to "S/O Titling a house with two owners "
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]If one owner is older, you could get tax relief. Alternatively, you could claim the property as an asset. [/quote] OP here. Could you explain this further? What kind of tax relief? Do you mean from the county? Also, what would be the purpose of claiming the property as an asset and in what kind of situation? [/quote] Say you bought the house for $300k and when you die it’s worth $1m. The beneficiaries will get a new tax basis of $1m instead of the prior $300k thus saving taxes on $700k. It’s the height of stupidity when old people add their kids to the title of assets right before they die. [/quote] This is a married couple we’re talking about, not a parent and a child. Usually married couples own as joint tenants with right of survivorship. [/quote]
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