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Delta-Lawyer, Attorney
Category: Legal
Satisfied Customers: 3546
Experience:  10 years practicing IP law and general litigation
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In a previous question, I asked about potential federal

Customer Question

In a previous question, I asked about potential federal taxes on a Deed In Lieu after the death of my brother that had a Reverse Mortgage. We were going to go with the DIL but some friends are very interested in buying the house. The non recourse RM is probably $30,ooo over fair market value. If the estate chooses to sell the house to these friends and the bank/HUD agrees, it will definitely be less the RM. Will the estate have to pay federal taxes on the difference?
Submitted: 1 year ago.
Category: Legal
Expert:  Delta-Lawyer replied 1 year ago.

Yes, the estate will have to pay taxes on the difference. That is correct. Good to hear from you...I hope all is well otherwise.