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I'm selling a house that was deeded to me 3 1/2 years ago to
Hi, I'm selling a house that was deeded to me 3 1/2 years ago to me by my parents. I've never lived in the home but my mother lived there till she passed away last November. I close on the house in a … read more
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Hello! Our Question: Will we get a step-up in basis for federal and Wisconsin tax purposes when we sell the home? The Situation: My mother transferred her lake home to us four kids 20 years ago (quitc… read more
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My father passed away in 2013. He did not have a valid will;
My father passed away in 2013. He did not have a valid will; my younger sister became the executor of his property, she also lived nearby and could tend to any legal issues. He had purchased a 40 acre… read more
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I live in my first and only house. 1994 I put four names on
I live in my first and only house. 1994 I put four names on a Quitclain deed ( Ihave a power of attorney signed by each) this is a Life Estate and I am tennant. I weant to sel my house now. Do I put m… read more
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In 2003 we signed a "FAMILY TRANSFER No Consideration" agreement
In 2003 we signed a "FAMILY TRANSFER No Consideration" agreement between my wife and four of her siblings with their mother transferring the deed to her house to them. In 2003 she filed a Form 709 Gif… read more
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I am selling our parents home which is outside the U.S. for
I am selling our parents home which is outside the U.S. for $650,000 They paid $60,000 for it in 1960 and my father put it in my mother's name She willed it to my sister and I 16 years ago but kept th… read more
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What are the tax/legal consequences of changing/transferring NY real estate title from a son and parent with a life estate on the house to changing title to the four children only (no parent's life es… read more
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Hi, I live in RI. My father did a quitclaim deed in May, 2004
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My mother passed away in June 2009. She had a life estate
My mother passed away in June 2009. She had a life estate deed in place with her four children on the deed. Her house was sold in July 2009. What are the tax implications for the four children as a re… read more
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House bought in 1962...1999 mother puts house in 3 siblings
House bought in 1962...1999 mother puts house in 3 siblings name......Mom has life estate...sells house in 2008....moves into elderly apts. How do we figure capital gains? From cost in 1962 or 1999? M… read more
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I live in California and due to divorce & bankruptsy (the ...
I live in California and due to divorce & bankruptsy (the bankruptsy has been paid in full, but will not get recorded for another 6 months) my mother purchased my home in March of this year. She has a… read more
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My mother signed her house over to me and my two siblings.
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On September 10, 2007, my mother (as Life Tenant at
On September 10, 2007, my mother (as Life Tenant at age 83) and I (as Remainderman) will sell (deed) her/my house to a Buyer. My mother signed a Quitclaim Deed to me in 1997 (at her then age of 73) re… read more
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if a home is sold by one sister for $34,000 after ...
if a home is sold by one sister for $34,000 after closing cost and realtor fees are taken out, and that $34,000 is divided equally be- tween four siblings, what if any taxes would be owed by the selle… read more
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My step-father lived in my mothers home after she ...
My step-father lived in my mother's home after she died (per her will) at his death the home was left to the four children. During this time our step-father mortgaged the property. At his death the mo… read more
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My 83 year old mother can no longer stay at her home in the country. Her house and land has been deeded to me with her having a life state. She sold part of her land in order to have a room added onto… read more
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Sale of a Home, outside of state you are a resident in
My mother and my nephew were co-owners of a cottage on a lake. My mother quick claim deeded the property to my nephew. He then sold the property (within 2 weeks of being sole owner) for $80,000.00. Ho… read more
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