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I have a situation where a mother bought a house with her
I have a situation where a mother bought a house with her daughter and gave her $11K of down payment. I think the intention was for the mother to live in the house but due to unforeseen personal situa… read more
Lev
Lev
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Bachelor's Degree Equivalent
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My husband is the executor of his mother, My husband is the
My husband is the executor of his mother's estate and is selling her house. The realtor said since he isn't working with a lawyer that the title company will have to escrow taxes based on the sale price of the home. That did not happen when I was the executor for my brother's estate. The house is basically her only asset, is this true? Does my husband have to pay the taxes out of his pocket and then request reimbursment? What about costs of getting the property ready for sale, shouldn't they be deducted if it is true that the title company can escrow taxes? … read more
Chad EA, CDFA®, CFP®
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My mother passed away Oct 2016, leaving her home to us 3
My mother passed away Oct 2016, leaving her home to us 3 children. That's all she had basically, she was elderly on SS, no retirement etc. No money in the bank. Just personal stuff except the house. S… read more
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My elderly mother passed away and my brother and I are in
Hello, my elderly mother passed away and my brother and I are in escrow to sell her home through probate. We won't have a problem obtaining probate approval, but my brother and I are on title to the h… read more
Richard
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I am the trustee mom's trust. She passed away in 2015.
I am the trustee for my mom's trust. She passed away in 2015. Her home sold 6 months later (also in 2015) for $197000. The Title company said her home sale fit the criteria for NOT filing an 1099S for… read more
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My sister owns a house that our mom lived in years
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My mother and I owned an investment property years. She
My mother and I owned an investment property for 9 years. She claimed the income and depreciation. We sold the property, minimal loss, she claimed 100% of purchase, sales price, accumulated depreciati… read more
Lane
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Before my Dad past last November he stated he wanted his 3
Before my Dad past last November he stated he wanted his 3 kids to sell his home in Colorado and split the funds. My Mother is still with us and lives in my rent home here in Texas. We just sold the h… read more
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Senario: 4 children, one widow. Family home in was in irrevocable trust to children in the
Senario: 4 children, one widow. Family home in was in irrevocable trust to children in the US Virgin Islands. The home sold recently and the realtor sent 5 checks equally divided. Realtor asked for so… read more
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My mother purchase a small house after my father died and put
My mother purchase a small house after my father died and put her children's names on the deed to make it easier to sell should she die. The title did not say "Pay on Death", it just had our names. Sh… read more
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Lev
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NYC Real Estate Property Law Questions: Elderly senior
NYC Real Estate Property Law Questions: Elderly senior citizen family member owns a 3-story connected town home in NYC. I want to transfer the property to my name with a) paying as little taxes as pos… read more
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I recently purchased a house for my mother to live in for ...
I recently purchased a house for my mother to live in for 60,000 in Arkansas (title and mortgage is in my name only). My mother and I want to sell her old house/property for around 22,000-25,000. Howe… read more
Merlo
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I purchased a house in 1994 for $54000 my mother and father ...
I purchased a house in 1994 for $54000 my mother and father went on the loan to help me qualify.I made all the payments to the mortgage company payed all the taxes and ins,and had it homesteaded in Te… read more
Lev
Lev
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my mom could not afford to pay for her house any ...
my mom could not afford to pay for her house any longer since she lost her job. So my husband and i sold our house and moved in with my mom and redid the loan in our names to get a better rate etc. Th… read more
Guru_Guy
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My husband and I received money from the sale of his ...
My husband and I received money from the sale of his mother''s home. There were 5 names listed on the title of the home, each person receiving 1/5 of the sale. So we received 2 checks, one in his name… read more
The Guy Behind the Tree
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Do I have a tax liability if I quit claim my co-ownership
In order to assist my widow mother in law to pull equity out of her home for living expenses, I became a co-borrower, co-owner of her home 3 years ago with my wife, her step daughter. Mom has made all… read more
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Dorothy M Jennell
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several years ago my motherinlaw signed over her house to
Several years ago, my mother-in-law signed over her house to my husband. It is in his name only. She recently passed away, and we will be selling the house within a few months. What tax will be owed? … read more
Christopher Phelps
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tax treatment of residence if converted to rental property
My sister and I were added to the deed on my elderly mother's house last year. Can we avoid capital gains on this property that my mother has lived in for over 50 years?? Is it possible to rent the pr… read more
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