My mom has 6 rental homes. She just died. It appears to be a 50/50 split, with her trust and my father's who died in 1971. Trusts list me and my 3 brothers as beneficiaries. The properties are to be sold. I have heard the capital gains tax will be 33% or more.
Thank you
Capital Gains are the difference between the basis of property and the sale price of property (less selling costs).
Basis of property during life is the original purchase price of property (with adjustments).
Post-mortem basis is adjusted to the Date of Death Fair Market Value,... Read more »
She is selling a house that is willed to me. i know she is steeling assets i have not had an accounting of the trust since she took it over can i do anything i can only afford a few thousand dollars.
I would also like more info so i can do my own will at one time the estate was worth more... Read more »
In California, Conservator is required to provide an accounting to the court one year after a Conservator is appointed, and every two years thereafter.
A Conservator may use 'substituted judgement' to change testamentary documents such as wills and trusts, but past donative... Read more »
Wife now wants half the property and to be added to title. I paid the last 20 years of Home including bills & maintenance (home now paid off) can she still claim half no will
The surviving joint tenant(s) file(s) an "Affidavit of Death - Joint Tenant", along with a death certificate, and a "Preliminary Change of Ownership Report" (PCOR), as well as paying a filing fee. Decedent's share is distributed the remaining joint tenant(s) on the deed.
In general, property that passes by way of a will, a trust, or through intestacy (no will) does not pass automatically.
But certain types of property such as a payable on death bank or brokerage accounts, may pass to the beneficiary automatically.
If you receive public benefits... Read more »
How are capital gaines determined when property i owned jointly and you are the last surviving owner
1. In general, basis is the purchase price of property plus capital improvements, less accumulated depreciation.
2. On death, basis is revalued at the date of death fair market value (DOD FMV), usually by appraisal.
see, 26 U.S. Code § 1014
3. If the spouses each held... Read more »
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