Cty clerk says an inherited house can't be sold until probate & estate account is closed to avoid being taxed .004. With the probate closed, there is no executor. How do the inheritors get the authorization to sell the house? How are the proceeds distributed to the inheritors? Ideally,... Read more »
The father who passed first gives most everything to his wife and 1 child but writes the other child out of the will. The wife, who is expected to pass withinthe next 10- 60 days, her will states her estate is split between the two children.
Both wills do bequeath a pair of antique cars... Read more »
She was a resident in Marion Co for 1 1/2 years. When she passed away only 3 years of the 9 year installment contract was paid. I have a SD attorney and he said I do not need to do the probate in FL only in SD. Is this correct?
Since she was a Florida resident, and a promissory note is intangible personal property, her estate should be opened in Florida. If she sold land subject to an installment sale, she does not own the land - she would just have a note and mortgage.
It is a special warranty deed in my name and hers (husband and wife) but does not have the phrase "tenents by the entirety " or tenents in common". Nothing other than our two names as buyers. Will she automatically receive the house when I pass without going through probate?... Read more »
If you sell the house for more than it was worth when you inherited it, you will pay capital gains tax on the difference, less any costs of sale. Depreciation must also be recaptured - its is taxed at 25%.
I'm sorry for you loss. Most likely, as Florida requires that personal representatives hire an attorney. The only reason you would not need one is if all assets go directly to beneficiaries, such as through beneficiary designation for life insurance and retirement accounts.
You do not owe any excise tax, but you are required to file a federal gift tax return reporting the value of the home as a gift. Assuming you have not used your $5.49 million gift and estate tax exemption, no tax will be due.
My brother died without a will. All he had was a house he bought in 2015 for $37,000 with the owner financing $32,000. He was never married, no children, parents both deceased, and 4 siblings living. He bought the house where him and one disabled brother could live. It was agreed that I would get... Read more »
Oldest brother lived in the home until his death 2 years ago. I have allowed his caretakers(2) to stay in the home basically free of charge. Deed is still in mother's name, taxes come to my home addressed to me. Can I put the house in my name without the consent of my surviving siblings?
Yes. If you get sued, the home is not protected as it would be if it's in both names. Also, if you want her to receive it at your death, it would not automatically go to her.
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