Stuart O. Bronstein" <spamtrap[at]lexregia.com> wrote:
- quote -

Thanks. I'm open to all the "education" I can get ;-)

- quote -

Thanks. That is probably true.

- quote -

Arg. Yeah, tell me about it. California is slapping taxes
on things right and left -- especially real estate.

- quote -

Thanks for that pointer.

- quote -

O.K. That does not apply to me. We were not related.

- quote -

Arg. Oh well, what is, is.

- quote -

Yeah, I have to get ahold of that somehow. I've already
asked for it but it's been slow in coming.

Thanks again for your help. I really am greatful for the
simple hard headed advice I got here. I looked for other
newsgroups to broaden my information base but when I saw
what kind of thing was going on in them I just gave that
idea up.

Cheers,
Mike

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junk[at]junk.com wrote:

- quote -

I don't do returns, so I don't know the mechanics of it.
But I'm sure someone will come along soon and educate us
both.

- quote -

It's unlikely that the bank will take notice of it. If you
are already on the loan it's unlikely that they could call
the loan in any case. But in these times you could likely
refinance if necessary and get the loan in your name alone.

There is one other thing you need to do in California, and
depending on your relationship to the deceased and the value
of the property, it may result in an increase in property
tax.

When you record the Affidavid of Death of Joint Tenant, you
will need to file a document called Preliminary Change of
Ownership Form. If you are a child or grandchild of the
deceased you will also have to give them a form to claim
exemption from reappraisal for property tax purposes.

If you were not related in some way, your property tax may
well go up on the inherited half of the property.

- quote -

Then it's possible that you could be responsible for a share
of the taxes based on the proportionate value of the
property you inherited to the value of the estate as a
whole. You need to have the Will and estate tax return
reviewed before you can be sure.

Stu

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- quote -

Yes. The lawyer for the adminstrator advanced payment of
the estate taxes I owe from the estate.

So you are saying that I should just add another "item" to
depreciate which is the "other half" of the property with
the "placed in service" date as the date of the joint
owner's death? IOW, I have two "items" depreciating now, my
original half as it has been for the last X years and a new
item starting on 07/12/2002. Do I have that right? I don't
need any "explanation" I just put it there and it all
"shakes out" when I sell it?

What depreciation schedule do I use? Whatever is current
for property placed in service as of the date of death?

- quote -

Yes, I have contacted the VA office which supervises the
settlement of estates and told them I would like to have
copies of everything.

- quote -

Yes, It's on my list of things to do. I have been a bit
concerned about that as I wondered if filing that would
trigger acceleration of the loan. IOW, if the "bank" sees a
change in ownership would they freak out?

- quote -

He originally did (for taxes in MD, CA, and VA) but then he
advanced the money from the estate to pay them.

Thank you for taking the time to help clarify this for me.
It's so confusing to understand the various tax systems and
how they interrelate. I've been doing my own taxes for over
30 years but this one confused me.

Cheers,
Mike

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junk[at]junk.com wrote:

- quote -

If there is an executor or administrator of the estate,
that's his job. You as a joint tenant really aren't
responsible, other than perhaps to contribute to estate tax
if local law requires it under the circumstances.

If the property was appraised for probate or estate tax
purposes, you should get a copy of that if you can, and hang
on to it. It will be helpful to determine what your tax is
when you sell your property.

- quote -

The only thing you need to be sure you have done in
California is that you record a document called Affidavit of
Death of Joint Tenant. To that you attach a certified copy
of the death certificate. That gets the property into your
name.

- quote -

If he didn't ask you for any money, I suspect you don't have
anything to worry about.

Stu

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Can anyone give me suggestions about how I handle an
inheritance situation?

Facts:

I owned two properties with a person who died on 07/12/02.
The properties were owned Jointly with right of
survivorship.

- The joint owner died in Virginia
- Property A is in California and is a rental
- Property B is in Maryland
- I live in Property B

Questions:

- Is there anything I have to do for the IRS? I'm thinking
there must be some form to file so that I can start
depreciating Property A, for example. Since Property B
is my residence, do I have do file anything there?

- Same question for the State. Is there anything to file
with Maryland? California?

- I know some kind of Estate tax form was filed by the
Administrator. I don't have that information -- only a
guesstimate. Do I need to know any of that?

Thanks for any help anyone can provide.

Sincerely,
Mike

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