vicmardan
Jul 7, 2012, 07:30 PM
Our mom recently passed away.She battled a long illness with Alzheimer's.
We are 4 surviving children, one sibling is deceased. Our parents jointly owned a home. Our father died in 1993 and mom become sole owner. In 2001 mom was diagnosed with Alzheimer's. In an effort to protect our home we had the house deeded to all her children and she would have lifetime occupancy, this was done around 2002. Now we want to sell the home. We are a bit confused about when FMV is assessed. Is it when our dad died in 1993 and mom became sole owner or when the house was deeded to us in 2002 or when she passed. Mom did not file a gift tax. Over the years we have done extensive renovations around $75,000.00+.The house is worth $800,000.00. It would be split 5 ways. Our deceased brother share will go to his wife and three children. In an effort to protect our mom's asset we may have shot ourselves in the foot.I lived in the house with my family until 2001, and we never charged my mom rent. We did not know then what we know now. We just want to minimize our capital gains cost. Whom and how should be approach this. Your guidance in this matter would be greatly appreciated.
Confused in Brooklyn New York
We are 4 surviving children, one sibling is deceased. Our parents jointly owned a home. Our father died in 1993 and mom become sole owner. In 2001 mom was diagnosed with Alzheimer's. In an effort to protect our home we had the house deeded to all her children and she would have lifetime occupancy, this was done around 2002. Now we want to sell the home. We are a bit confused about when FMV is assessed. Is it when our dad died in 1993 and mom became sole owner or when the house was deeded to us in 2002 or when she passed. Mom did not file a gift tax. Over the years we have done extensive renovations around $75,000.00+.The house is worth $800,000.00. It would be split 5 ways. Our deceased brother share will go to his wife and three children. In an effort to protect our mom's asset we may have shot ourselves in the foot.I lived in the house with my family until 2001, and we never charged my mom rent. We did not know then what we know now. We just want to minimize our capital gains cost. Whom and how should be approach this. Your guidance in this matter would be greatly appreciated.
Confused in Brooklyn New York