Talk of The Villages Florida
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Talk of The Villages Florida (https://www.talkofthevillages.com/forums/)
-   The Villages, Florida, General Discussion (https://www.talkofthevillages.com/forums/villages-florida-general-discussion-73/)
-   -   My mothers home is also in my name (https://www.talkofthevillages.com/forums/villages-florida-general-discussion-73/my-mothers-home-also-my-name-328117/)

rjm1cc 01-12-2022 10:42 PM
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.

manaboutown 01-12-2022 11:10 PM
Quote:
Originally Posted by DAVES (Post 2049045)
Far as lawyers taking a percentage of the estate. I confess, I have a very negative view of attorneys and that is based on experience with several.

See the situation. You hire someone and sign so much per hour. Who keeps track of the hours-they do. Verify the hours-you can't.

The attorney for my mother's estate. At the end he sent a bill for if, I recall like 5,000 no statement attached. When we demanded a statement he was not happy-don't you trust me? On review, he charged us several hours at $300 an hour to instruct named assistant who he also billed at $200 an hour. Yup, $500 an hour. And who was his assistant. A little research. He was a law STUDENT working for free to add to his resume. Honor? Ethics? My sister wanted this attorney. I expect my brother in law, who knew this guy was getting a piece. I had a flat rate estimate for 3,000 from another attorney. I explained it all to this atty and told him I was going to send it all to the bar for review. HE CUT HIS BILL TO THE 3,000.

For we non-attorneys that is grand larceny or perhaps attempted grand larceny. Our legal system. Terms like YOUR HONOR. It is on the business card. Sadly, often the only place it is.
Contractors, plumbers, roofers, electricians, auto repair shops, real estate agents and even MDs do the same thing in my experience.

Eg_cruz 01-13-2022 06:37 AM
Quote:
Originally Posted by Vleka (Post 2048766)
I need some advice. My mothers home is also in my name. She has passed away and I need to sell her house and split the money three ways with my siblings. What is the best way to do that without everyone getting dinged by taxes? Can I gift it to them? Can I just deposit my share in the bank or do I have to reinvest it in another house? I would appreciate any advice you can give me. Thank you.
If you were part owner (house in your name) your half or what ever portion was in your name is not Stepped Up. The portion that was your moms is Stepped Up no taxes on the the sell of her portion of the gains when the house is sold. You need to go back to the time you added yourself to the ownership of the home to figure out the value of the home at that time, when you sell the home the gain is based on gains on your portion from the time you took part ownership and what the house sold. Your portion of the gains are taxable, they are not Stepped Up.
In FL there is no need to add your child to your home because of the homestead protection.
Seek CPA help.

Ele201 01-13-2022 06:38 AM
Get professional advice
 
Quote:
Originally Posted by Vleka (Post 2048766)
I need some advice. My mothers home is also in my name. She has passed away and I need to sell her house and split the money three ways with my siblings. What is the best way to do that without everyone getting dinged by taxes? Can I gift it to them? Can I just deposit my share in the bank or do I have to reinvest it in another house? I would appreciate any advice you can give me. Thank you.
You really need the assistance of an estate attorney. I can understand your reluctance to hire one. It will cost you money and there’s the trust/honesty factor. You didn’t mention if the home is in The Villages or elsewhere. Look for a good recommendation for an estate attorney in your town, interview a few if need be. You’ll want someone honest and (most importantly) someone you are comfortable with and can work with. Good luck!

dsbouley 01-13-2022 06:40 AM
I would definitely take the advice from everyone on this forum over a attorney any day.

mkjelenbaas 01-13-2022 07:33 AM
Quote:
Originally Posted by Vleka (Post 2048766)
I need some advice. My mothers home is also in my name. She has passed away and I need to sell her house and split the money three ways with my siblings. What is the best way to do that without everyone getting dinged by taxes? Can I gift it to them? Can I just deposit my share in the bank or do I have to reinvest it in another house? I would appreciate any advice you can give me. Thank you.
What did the attorney you called say???

Singerlady 01-13-2022 07:39 AM
Can you say lawyer?

tsmall22204 01-13-2022 07:50 AM
Thats what attorneys are for. Why on earth would you take advice from TOTV?

Proveone 01-13-2022 08:58 AM
Quote:
Originally Posted by Vleka (Post 2048766)
I need some advice. My mothers home is also in my name. She has passed away and I need to sell her house and split the money three ways with my siblings. What is the best way to do that without everyone getting dinged by taxes? Can I gift it to them? Can I just deposit my share in the bank or do I have to reinvest it in another house? I would appreciate any advice you can give me. Thank you.
First of all, you should have Quit Claimed the deed/house when she was alive. Secondly, you need to see an estate attorney!

Haggar 01-13-2022 09:02 AM
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!

davem4616 01-13-2022 09:39 AM
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...

Alittlepieceofparadice 01-13-2022 09:53 AM
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!

joseppe 01-13-2022 01:49 PM
Quote:
Originally Posted by Vleka (Post 2048766)
I need some advice. My mothers home is also in my name. She has passed away and I need to sell her house and split the money three ways with my siblings. What is the best way to do that without everyone getting dinged by taxes? Can I gift it to them? Can I just deposit my share in the bank or do I have to reinvest it in another house? I would appreciate any advice you can give me. Thank you.
In simple terms, if the house was already in your name (and only your name) then there is no inheritance of the house. It was already yours. When you sell it you may incur capital gains and be taxed as such, but that depends on a number of factors.

Fredman 01-13-2022 04:03 PM
I believe there will be capital gains due.

Yvonnebang 01-13-2022 04:48 PM
Quote:
Originally Posted by joseppe (Post 2049398)
In simple terms, if the house was already in your name (and only your name) then there is no inheritance of the house. It was already yours. When you sell it you may incur capital gains and be taxed as such, but that depends on a number of factors.
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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