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My name and my brother's name were added to the deed for my…

Customer Question
My name and my...

My name and my brother's name were added to the deed for my Mom's acre of land in 2003, the year she passed. If the land was ever sold, the proceeds were to be divided equally amount all living siblings. We sold the land in 2017 for $14,000 and each sibling received $2,000 after appraisal and other expenses were taken. How should this been shown on my tax returns?

Lawyer's Assistant: Estate laws vary by state. What state are you in?

Alabama

Lawyer's Assistant: What documents or supporting evidence do you have?

We did not receive a 1099 B form. The only thing I have is a copy of the deed and a sheet from the lawyer's office showing what the land sold for and who we sold it to.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

I'm sorry, I thought you were the lawyer. Is there a charge for this?

Lawyer's Assistant: You just pay a $5 deposit now and the rest only when you get a reply from the Estate Lawyer. All of this is 100% satisfaction guaranteed, so you can get a refund if you're not happy for any reason.

When you say the "rest", how much is that?

Submitted: 3 months ago.Category: Estate Law
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Answered in 2 minutes by:
3/29/2018
Estate Lawyer: Barrister, Attorney replied 3 months ago
Barrister
Barrister, Attorney
Category: Estate Law
Satisfied Customers: 42,511
Experience: 17 yrs estate law, real estate. Wills/Trusts/Probate
Verified

Hello and welcome! My name is ***** ***** I am a licensed attorney and will try my best to help with your situation. There may be a slight delay in my responses as I type out an answer or reply.

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So the total sales price was $14,000, correct? not $14K each...

.

What did mother pay for the property?

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.

thanks

Barrister

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Customer reply replied 3 months ago
it was $14,000 total.
Customer reply replied 3 months ago
Mother did not pay anything for land. The land was left to my Father by his father.
Estate Lawyer: Barrister, Attorney replied 3 months ago

Ok, then you don't need to file anything at all. When mother transferred it to you and brother, she legally gifted it to you. So if it was worth...say $10K back in 2003, then that is a $5K gift to each of you. That is below the annual gift tax exemption so nothing would have been filed back then.

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Then when you and brother sold your gifted property, you decided to voluntarily give your siblings the $2K each, which is well below the $14K annual gift tax exemption for 2017..

.

So there is no taxable event here at all and there is nothing that needs to be reported by anyone.

.

.

thanks

Barrister

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Customer reply replied 3 months ago
Thank you so much!
Estate Lawyer: Barrister, Attorney replied 3 months ago

You are very welcome. Happy to help any time.

.

It was my pleasure to work with you and help with your question. If you ever need me in the future, you can post a new question with "For Barrister" in the title and the JustAnswer employees will get it to me.

.

If you feel I have answered all your questions, I would very much appreciate a 5 star rating by clicking on the rating scale on your screen as that is the only way I receive credit for my work.

.

.

Thanks much

Barrister

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Estate Lawyer: Barrister, Attorney replied 3 months ago

Hello again,

.

I just wanted to touch base with you and check in.

.

Did you have any further questions I can help with?

.

.

Thanks much

Barrister

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