Ask Experts Questions for FREE Help !
    Patti's Avatar
    Patti Posts: 2, Reputation: 1
    New Member

    Dec 28, 2005, 12:34 PM
    Inheritance and capital gains tax
    My mother has suddenly changed her mind and decided to leave the house to the granddaughter. She bought her house in California for $8,900 in 1950. It has been paid off for 25 years. Value is now at $550,000 My question is can my neice just move in and keep the house without selling? Are there any taxes of any kind to be paid when my mother passes and how much? Right now the house is in a trust left to me. I worry about the what if's, if my mom gets sick and needs additional money, can I sell the house? Does she need to sign something first that says I can sell? My name is not on her house.
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
    Ultra Member

    Dec 28, 2005, 12:41 PM
    The question you need to ask her is who has power of attorney over your mother?

    If the answer is YOU, then if she gets sick, you can sell nay of her assets since you are in charge.

    It does not matter who gets the house in the will, because as power of attorney, it is your job to use all assets in a way that bests helps your mother in there here and now.
    Patti's Avatar
    Patti Posts: 2, Reputation: 1
    New Member

    Jan 8, 2006, 10:44 AM
    Power of attorney
    Unfortunately, my sister and brother-in-law have power of attorney. My sister has since passed away, leaving the brother-in-law. He will not give anyone a copy of my mother's trust, including her. I assume this means I must go to the county of record and get one. My mother doesn't know if she gave them power of attorney over her medical needs. Is that a separate form?
    Thank you for the information
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
    Ultra Member

    Jan 8, 2006, 02:22 PM
    Take your mother to an attorney and have her draw up all new papers. New power of attorney papers should be drawn up.

    If he won't give HER the information, then he shouldn't be in charge of anything.

    Give someone else Power of Attorney, and Executor of the Will.

    And also, has your mother considered a Living Will? As in the case of Terri Schiavo.

Not your question? Ask your question View similar questions


Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.

Check out some similar questions!

Capital Gains Tax [ 4 Answers ]

In Sept 1999 I sold a piece of property. I did a 1031 exchange for a new piece of property that cost 299000.00. My basis in that exchange was 29000.00. In April 2006 I sold that piece of property. After closing costs and realtor costs the net profit was $512,000.00. Improvement costs, repair...

Capital gains tax from buy-out [ 3 Answers ]

Hi, I would like to know how to calculate the capital gains taxes I will owe. I was recently bought out from a commercial property I was part owner of (50%). My father purchased the land in 1989 for $361,000 and in 1994 he quit claimed it to me and my two sisters, so I owned 1/3 of the property....

Capital gains and losses [ 3 Answers ]

I have had a loss on the sale of stock. I understand I can only claim 3000 per year. Does this mean I can deduct the entire 3000.00 or is it a percentage of the 3000.00? By the way this is a long term loss.

Capital Gains [ 3 Answers ]

I'm in the process of selling my house and land which currently is in three different tax bills. I went through a divorce last year and one of my questions can I use the appraisal price that was used for me to own the house and land? Two pieces were combined as it was questionable if the sewer was...

View more questions Search