selling real property that was inherited, estate planning and probate procedures in WA state
Issaquah, WA
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Posted about 1 year ago in Probate
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Iheritance:
My sister and I each received an apartment from our father when he passed, each with a different value. We have agreed to sell both and split the total value. Can we do this? Do we have to document it somehow? My concern is my apprtment is worth a lot more than hers, therefore I will have to give her money in the end and I don't want it to appear as a gift to teh IRS when it truly is splitting the inhertitance 50/50.
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Answers (4)John M. Kaman
This attorney is licensed in California.
Posted about 1 year ago.
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Your father's wish was that you have the apartment with the greater value; therefore you are making her a generous gift if you split 50-50. I do not see that making this gift triggers tax liability however. Consult a trusts and estates lawyer or a tax lawyer before you act.
Janet Lee Brewer
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