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Irwin Law
Irwin Law, Lawyer
Category: Real Estate Law
Satisfied Customers: 7346
Experience:  Lawyer- Broker 30+years - foreclosure, short sale, liens, title attorney.
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My brother ,sister and myself inherited a home in 2002, Myb

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My brother ,sister and myself inherited a home in 2002, Myb sister passed in 2004, This resulted with my brother and myself owning the house. My brother put 65,000 into the house and his x-wife as lived there free ever since. I want to settle this. If my brother turns the house over to me and then I sell it, Is there a tax disadvantage to me.
JA: Because real estate law varies from place to place, can you tell me what state this is in?
Customer: Massachusetts
JA: Has any paperwork been filed?
Customer: No.
JA: Anything else you want the lawyer to know before I connect you?
Customer: The house was worth 300,00 in 2004,now it is worth 350 to 400,000.

Good afternoon, and thanks for using Just Answer. The sale of the home, in an of itself does not create a tax disadvantage no matter how you do it. Your tax basis should be the 2002 date of death value of the home. It would increase by your proportionate share of the appreciation since 2002. I mention your "proportionate share", because I can't tell if you own a one half interest or a one third interest. You mentioned that your sister passed in 2004. You did not mention what occurred with regard to her share.

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