Posted on: 25th Feb, 2011 01:41 pm
My parents transferred ownership of their home to 4 children for $1.00 along with a life state agreement in 2004. In 2009 they decided to move in with one daughter and but th home up for sale. It sold in 2010 with the proceeds divided equally among the siblings. since at least one of my parents was aliv when sold is the life estate voided. For tax purposes is the sale an investment sale.
Welcome spalzak,
If your parents have agreed to the property sale, the sale won't be considered as illegal.
Thanks
If your parents have agreed to the property sale, the sale won't be considered as illegal.
Thanks