<PDL[at]imaginenet.net> wrote:

- quote -

Typo: Quit Claim Deed

- quote -

The big quieston is whether your mother kept a life estate
to the property? If so, the deed might not have been a
completed gift to you and you might not have come into
possession of the property until she died, meaning you might
have received date of death FMV as your basis.

If not, your lawyer might not have understood the tax
aspects of deeding over the property to you.

- quote -

Establish whether there was a life estate established for
your mother and if so, basis of property is stepped up. If
not, see a local tax or logal professional to see if you
have any actions available to you.

__
Art Kamlet ArtKamlet [at] AOL.com Columbus OH K2PZH

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My wife and I purchased the first home in or life at age 63,
game plan was to sell a home that was going to be inherated
from my mother at her passing,we financed home purchase in
march 2002 and mom passed october 2002,my sister with the
advice of estate lawyer and my consent had the home that she
was to inherit and the one I was to inherit both put on quit
will deeds, I and my sister were not informed as to the
mechanics of the quit will tax problem.

My sister intended to live in her house forever and I
intended to sell my house to offset the cost of my newly
financed house,two years after the quit will change mom
passed and I now will have capital gaing tax to pay , had
original will been left as is or just went with quit will on
my sisters house I would have been OK, any thoughts on this
mess would be appreciated. Phil Lohiser

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