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-   -   Filing taxes w/ brother in Mich. On inherited property in Texas (https://www.askmehelpdesk.com/showthread.php?t=541583)

  • Jan 7, 2011, 11:59 AM
    jesssoul
    Filing taxes w/ brother in Mich. On inherited property in Texas
    My father passed away July 2010 in Magnolia TX. He had no life insurance, health insurance, stocks, bonds, etc. just $40 in his checking and his homestead of 27 acres, home car. All are paid for and taxes are up-to-date. The probate attorney said that TX law does not require the property be probated since it's under 100 acres and since he had no other assets we were able to avoid the entire probate process. We successfully had the deed transferred to mine and my brother's names. Now that tax time is here, I don't know if I need to file with my brother or not. Complicating this is that we live in Michigan but the property is in Texas.
  • Jan 7, 2011, 01:08 PM
    ebaines

    There is no inheritance tax in either TX or MI, so you have nothing to report tax-wise. If you sell the TX property, or you're going to rent it out, then the income will be reportable by you.
  • Jan 7, 2011, 01:16 PM
    joypulv
    You should get a formal appraisal now (at the fair market rate at the time of his death) because you will need it when you sell it, bequeath it, etc.
  • Jan 7, 2011, 02:24 PM
    jesssoul
    Thank you both! I have an appointment to get an appraisal done (by a professional appraiser and not a real estate agent). This is good news and takes a lot of stress off.

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