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Will you need to pay inherited tax on land if your name is already on the property as co-owner with the party who passed away?
MCS
Meaning if you are part owner of property, and the other party pass away first. Will you have to pay inherited tax on their part, to be full owner of it? I may be wrong about this, but as long as the other party did not leave their part to someone else in a will. I think that you would be the full owner, and pay the full amount of tax due each year as personal property. It may have a lot to do with how the title was written up in the beginning and if it says your name AND OR theirs.
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∙ 16y ago
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