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    godreau19's Avatar
    godreau19 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jul 27, 2007, 02:23 PM
    Property in Puerto Rico
    My dad died in 1985 and left property without a will, this property is currently being rented and my oldest brother collects all the funds and makes sure the taxes are paid. There was 8 siblings, 3 have since died so there are only 5 left . We now have this property under contract for sale. We all range in age from 80 to 51 yrs old and I want to know what taxes have to be paid and to who everyone lives in Puerto Rico but me I'm 51 and I live in Massachusetts (by the way the property in question all the funds being collected have gone into my brothers personal account for years and he refuses to say how much if any there is. I know what you must be saying (get a lawyer WELL we do have a lawyer that is no help at all except to my brother which is his friend... go figure. Please help!!
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
    Uber Member
    		  
    #2

    Jul 27, 2007, 04:40 PM
    Hello godreau:

    Nope. I'm not going to say that. I'm going to say that HE has a lawyer - you don't!

    excon
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #3

    Jul 27, 2007, 05:15 PM
    Was the estate ever probated? Was your brother ever made executor officially?

    What you need to do is get your OWN atty and force a probate of your father's estate. This will force your brother into providing an accounting of what he has spent and collected to manage the property.

    As for your taxes, you have to determine the value of the property when your father died. That became the tax basis. Any profit made over that is taxable.
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