My grandmother added my three brothers and me to the deed on her house in 1980, with the understanding that we would inherit it upon her death. She died in 1996 and we allowed our father to take possession of the house, rent it out, and make a little income from it.

Now he no longer wants the house so my brothers and I are deciding what to do with it. Two brothers are buying out me and my other brother with the plan to rehab the house and turn around and sell it. Can my brother and I just quit claim our 1/4 interests in the house at this time or do we have to go through the expense of a closing?

Also, since we technically owned in 1996 when she died, is that the year we acquired it, or did we acquire it this year?

You became part owner when the grandmoter added you to the deed. But how she added you, and at her death was she removed from the deed.
This would have been done at the court house with a neew deed, or though probate court.

Next how is the deed held, exactly how is ownership done.

But also a quitclaim deed is a closing, you are selling them your share, they pay you, and a new deed is written up, in this case it is a quitclaim deed not a warranty deed. There should be little difference in cost for the closing.

Ooops, better talk to a tax attorney. If none of the above lived in the premises, it may be subject to capital gains instead of having a new tax basis at the date of her passing. There are a LOT of taxes at risk. I would talk to a CPA or Tax Attorney. It shouldn't cost more than a few hundred dollars to potentially save tens of thousands of dollars.

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Originally Posted by baker44

My grandmother added my three brothers and me to the deed on her house in 1980, with the understanding that we would inherit it upon her death. She died in 1996 and we allowed our father to take possession of the house, rent it out, and make a little income from it.

Now he no longer wants the house so my brothers and I are deciding what to do with it. Two brothers are buying out me and my other brother with the plan to rehab the house and turn around and sell it. Can my brother and I just quit claim our 1/4 interests in the house at this time or do we have to go through the expense of a closing?

Also, since we technically owned in 1996 when she died, is that the year we acquired it, or did we acquire it this year?

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I think you wish to relinquish your two one-fourth shares in favour of other two brother who like to invest and turn around. If so you can relinquish your share by executing a deed of relinquishment and get the same registered with the Property Registration authority where the property is situated. Relinquishment of interest in an immovable property is a compulsorily registerable documents.