Quick Deed

[dawniek]

My father quick deeded his paid off home to my sister, and what we wanted to know is what is going to happen after he passes?? What kind of taxes are we looking at and what steps should we take for the sale of the house. We haven't spoken to a lawyer as of yet but I know we really need to for out best interest.. if anyone has been though this please explain to me what is going to happen. Everyone I know is thowing the CAPITAL GAIN words at us and we arent really sure what that is going to do to us.[/url][/u]

[Mr. Knowitall]

Capital gains would presumably result when she sells the house, based upon the fact that she has no "basis" in the property. (She has $0 invested in it.) You would probably all be better off if the property passed through probate. If your father is still of sound mind, he can still create an estate plan.