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Curious about disposition of a piece of property in Georgia…

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Curious about disposition of...

Curious about disposition of a piece of property in Georgia that was willed to three individuals (widow, and two children from a previous marriage). Deed of Assent titles it as JTWROS. Widow has lived in the house rent-free for seven years, and has paid taxes, insurance, upkeep, etc. but is looking to sell, and expects reimbursement for those expenses. Is she entitled to such?

Accountant's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

Georgia

Accountant's Assistant: Has anything been filed or reported?

Filed or reported? like?

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

No, I suppose not

Submitted: 4 months ago.Category: Tax
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Answered in 7 minutes by:
12/13/2017
Tax Professional: Lev, Tax Advisor replied 4 months ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,692
Experience: Taxes, Immigration, Labor Relations
Verified

Unless the title specifically states differently - all co-owners are treated as owned equal percentage of interest in the property.

So - the widow, and two children each are considered as owned 1/3 interest in the property.

When the property is sold - each will report the sale of 1/3 and will realize 1/3 of the gain.

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Tax Professional: Lev, Tax Advisor replied 4 months ago

Reimbursements of expenses to upkeep the property - that is between co-owners and are not regulated by the tax law.
Some expenses - such as real estate taxes and mortgage interest are deductible.

The gain is determined as

(selling price) MINUS (adjusted basis)

where the adjustment basis for inherited property is the fair market value at the time the decedent passed away.

The Widow who lived in the house - is eligible to exclude that gain from her taxable income - up to $250,000.

Let me know if you need any help with reporting.

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