Posted on: 28th Mar, 2010 12:10 pm
My mother purchased her home for $70,000 in 2003, and added my 2 sisters and me on to the deed along with her name as joint tenants with full rights of survivorship. My mother passed away last July, and now my sisters and I want to sell this house. For income tax purposes, did we "inherit" this house? Or are we "owners" who sell?
Also, how should our basis be calculated.... 1/4 each of $70,000 or 1/3 each of $70,000??
Also, how should our basis be calculated.... 1/4 each of $70,000 or 1/3 each of $70,000??
Hi barbalie,
As you were mentioned on the property deed as joint tenants with right to survivorship, I don't think you inherited the house. You would be able to sell off the property as owners. However, you can speak to a real estate attorney and he will help you in a better way in this regard.
Thanks
As you were mentioned on the property deed as joint tenants with right to survivorship, I don't think you inherited the house. You would be able to sell off the property as owners. However, you can speak to a real estate attorney and he will help you in a better way in this regard.
Thanks