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My sister and I owned my mothers house and the deed was
Second opinion] My sister and I owned my mothers house and the deed was transferred for $1. When my mother passed, my sister pd me 80,000. for her portion since she didn''t want the house. Now i am se… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
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If my brother sells my deceased mothers house which is in
if my brother sells my deceased mothers house which is in his name and splits the money 3 ways per my moms will....do I pay taxes on my share? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
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Sacramento, CA: house title in name of parents; father now
Sacramento, CA: house title in name of parents; father now deceased, mother (94) moved to a care facility. Parents have two adult children; daughter has her own home, son now living in parent's home. … read more
socrateaser
socrateaser
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My sister and I are selling a parcel of land left via a
my sister and I are selling a parcel of land left via a trust to us by my father. My mother is half owner of the parcel but is signing a quit deed so that my sister and myself may take all of the mone… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
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In 2005 my wife's parents executed a quit claim deed to their
In 2005 my wife's parents executed a quit claim deed to their two children (and spouses),reserving a life estate . In 2010, her father died. In 2011 her mother entered a nursing home. The daughters ma… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
i will be selling a second home for 60,000 dollars. I have
i will be selling a second home for 60,000 dollars. I have owned the second property over 5 years. My home I have owned for 10+ years 1st home. My question is what rate will the $60,000.00 be taxed? I… read more
abci168
abci168
Principal
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REAL ESTATE QUESTION When our Dad died in 1986, my sisters
REAL ESTATE QUESTION: When our Dad died in 1986, my sister's name was added to the deed of our Mom's house in order to avoid probate. We have just sold the house for $290K, and we understand that capi… read more
Wendy Reed
Wendy Reed
Master Tax Advisor Enrolled Agent
Master's Degree
60 satisfied customers
My parents bought their home in 1957. When my dad died in
My parents bought their home in 1957. When my dad died in 1986, it was worth about $100K, and my Mom added my sister's name to the deed to protect us from probate. Mom died in September 2009, and we h… read more
Gerri A Harrison CFP EA
Gerri A Harrison CFP EA
Financial advisor/Tax preparer
Bachelor's Degree
86 satisfied customers
Can I avoid or reduce capital gains on property that was gifted
Can I avoid or reduce capital gains on property that was gifted by my mother? I helped my mother refinance her primary residence, I had to go on title and we recorded it as joint tenancy, she died one… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
My parents bought our family home in 1952. Mom died in 1968.
My parents bought our family home in 1952. Mom died in 1968. In 1974, , Dad added our sister's name to title so that she could serve as steward of proceeds when he died and family home was sold. Dad d… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
My mother passed away over two years ago and we are getting
My mother passed away over two years ago and we are getting ready to put her house on the market. Before her death, she put one of my siblings on the title. Her will stipulated that the house proceeds… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Parent bought house in 1975 for $21,500. Father died in 1996
Parent bought house in 1975 for $21,500. Father died in 1996 - house assessed for $61,000. Mother added daughter to title in 2004. Mother died in Dec 2007. House sold in 2009 for $140,000 (current ass… read more
Wendy Reed
Wendy Reed
Master Tax Advisor Enrolled Agent
Master's Degree
60 satisfied customers
my dad died in 1958 so my mom, brother, sister and I by court
my dad died in 1958 so my mom, brother, sister and I by court received 27.5 acers because my day and my uncle owned the property. 01/02/09 we closed on the property selling 25.45 acers for 205,000 dol… read more
Merlo
Merlo
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Florida resident 30 yrs. Home owned and titled 1/2 wifes revtrust
Florida resident 30 yrs. Home owned and titled 1/2 wife's revtrust and 1/2 my revtrust. Both qualify for 121 exclusion. Wife died 09/2008. Basis of home is 200k. Fair market value (also estimated sale… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
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This from your post on August 26th, 2006 at 7 14 am Your
This from your post on August 26th, 2006 at 7:14 am Your mother's basis in the house is calculated as follows: First take one-half of the original cost. Then add one-half of the cost of any improvemen… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
I am in the process of selling my rental property. The ...
I am in the process of selling my rental property. The home was originally purchased by my mother 17 years ago and I was not added to the title until 4 years ago. My mother passed away last year. Will… read more
RD
RD
Self Employed
Master's Degree
1,164 satisfied customers
How do you find the value of a house from a previous year
My sister and I inherited a house in 1998 from our parents and in 2000 my sister quit claimed it over to me and my husband. My husband and I owned it until Jan 26, 2006 at which time we sold it. We ha… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
My mother passed away 3 month ago. Her home was paid ...
My mother passed away 3 month ago. Her home was paid for and is valued at about $270,000. My sister lived in her home and was my mom's caregiver for the past 10 years, but the home wasn't only in my m… read more
Wendy Reed
Wendy Reed
Master Tax Advisor Enrolled Agent
Master's Degree
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