Talk of The Villages Florida - Rentals, Entertainment & More
Talk of The Villages Florida - Rentals, Entertainment & More
#16
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I did not read all of the prior comments but some are pretty good.
My assumptions The home was titled in both names with right of survivorship. Thus the home is not part of the probate estate and is yours. You did not live in the home. You will owe capital gains tax on the difference between the sales price and probably your mothers basis. When your name was added to the deed did you pay your half of the cost or was a gift made to you? Was a gift tax return filed in that year. My guess is it was required but I do not know the dollars. You will make a gift to who ever you give the funds too. Probably need a gift tax return but probably no gift tax. Might talk to an attorney and see if you can maintain the home was not gifted to you when your name was added, you disclaim any interest in the home, the home passes as part of the estate (and avoids the capital gains tax you would incur when you sell) and if the three of you are in the will no taxes. Yes talk to an attorney to see if you can undo the adding of your name to the deed. You probably do not have a Federal estate tax as I assume the estate is under 11million. |
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#17
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"No one is more hated than he who speaks the truth." Plato “To argue with a person who has renounced the use of reason is like administering medicine to the dead.” Thomas Paine Last edited by manaboutown; 01-13-2022 at 02:28 PM. |
#18
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In FL there is no need to add your child to your home because of the homestead protection. Seek CPA help.
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“Living is Easy with Eyes Closed” |
#19
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Get professional advice
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#20
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I would definitely take the advice from everyone on this forum over a attorney any day.
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#21
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#22
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Can you say lawyer?
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#23
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Thats what attorneys are for. Why on earth would you take advice from TOTV?
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#24
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#25
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The tax consequences and the legal consequences will significantly change depending upon how the house is titled. Example 1: Jane Doe and John Smith Example 2: Jane Doe and John Smith, Joint Tenants with Rights of Survivorship. Etc.
See a professional!
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Facts are stubborn things; and whatever may be our wishes, our inclinations, or the dictates of our passions, they cannot alter the state of facts and evidence. John Adams |
#26
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OP, by now you should have been able to read 'the tea leaves' that you should seek council from a competent tax professional
Play the cards above the table with your siblings, keeping them in the loop... |
#27
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Not a lawyer but had the same situation with my mother's estate
All seems to be good advise. Not sure of the state where your property is located but I know from experience you must abide by the home states laws. I would suggest you contact state and city offices for probate and they can steer you in the right direction. Also the lawyer or CPA should be licensed in the state the property is located. If property is in Ohio a Florida lawyer is more than likely a . waste of your time. Good luck!
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#28
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#29
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I believe there will be capital gains due.
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GO STEELERS |
#30
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Joseppe, can you elaborate on your point about how it "depends on a number of factors"? If it was a gift (the house deed name changed to your child's) While you were alive, then it would be capital gain exempt when the child decides to sell, right?
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Closed Thread |
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