The town valued the house at 131k and it sold for 129,900. Doesn't this count as a loss and therefore not income?
The 1099-S reports the proceeds from a sale transaction. Based on what you're saying is the transaction resulted in a loss. As was pointed out in an earlier answer you received a basis in the house equal to its fair market value as of the date of death; this may be more or less than the $131,000 you say the town valued the house at. One needs to know more to actually arrive at the correct answer. If it's a loss the loss can be used to offset other income in the estate and it is even possible distribute the loss out to the beneficiaries depending upon other facts that are not knowable from your question.
Is the other answer pointed out you need to speak with someone who works in this area and can help make sure that you're getting the best results for all of the beneficiaries of the estate. This is one of the principal areas in which we practice.See question
I am executor of my grandmother's affairs and I would like to avoid probate court upon her demise. We are currently joint owners on all her bank accounts, but not the home. Do I need to be added and be first right of beneficiary?
As is previously been stated, avoiding probate is popular but often times misguided. Joint ownership of assets, whether bank accounts or others may defeat what's stated in the will as to your grandmother's wishes. Without knowing more about your grandmother situation, it would be ill-advised to have your grandmother make you a joint owner of the house. If she ultimately needs to qualify for Medicaid, this could cause problems. In addition, if the house is sold during her lifetime that also creates problems, primarily income tax. There are number of other issues that need to be considered besides merely avoiding probate. No matter what you do, an estate tax return will have to be filed on behalf of of your grandmother's estate even if no assets pass through the probate process.
I would suggest strongly that you contact an elder law attorney and develop a plan that actually considers all of these issues itSee question
My father's will had a per stirpes provision that if my brother died before selling the house the house would go per stirpes. He had no children. My stepmother and stepbrother appear to be responsible for his death as he made a will and left the...
The only way that you can present your claim is in the probate court that has jurisdiction over the town where your brother died. You may want well want to consult an attorney and have them review the will that you believe gives you rights regarding this house.See question
I am executrix of my father's estate. I have two siblings and the estate is to be shared equally among the three of us. Can my husband (my dad's son-in-law) perform financial/administrative duties for the estate? We are not charging any executor ...
I would recharacterize your questionas "Can I hire my husband to do things he is qualified to do for the benefit of the estate?" If that is the questions then the answer is probably yes, assuming the fee is reasonable and his work does not personally benefit you to the disadvantage of the other beneficiaries. However, the assumptions are actually tricky to make sure that you get over the hurdle and this answer should not be construed as actually legal advice since the exact facts and circumstances could change it. YOu need to see a qualified probate attorney.See question
I've lived in my moms home since 2002,she passed away July 1st of this year, my niece lives in the home as well and has/had power of attorney. The home is a reverse mortgage but my niece has it in the court because she wants to buy it and it wasn'...
Any power of attorney that your niece held for your mother lapsed (no longer grants any power to anyone). Because of this your niece has no authority to fight a reverse mortgage on property owned by your deceased mother. At this point you have no legal authority to deal with the property. But, neither does your niece; unless she is also an owner fo the property which you did not mention. So your niece cannot evict you and you cannot evict her. To have any legal authority over property that was your mother's you would need to appointed executor or administrator of your mother's estate.
It appears that you are in the middle of a messy situation. I would suggest that you hire an experienced probate attorney immediately.See question
Also I'm just wondering do I need an attorney for this situation
As the other attorneys answering this question point out you need to probate your husbands estate. There will be some fees owing to the probate court; but they should be relatively minor. Depending on when he died, those fees may be growing at 6% per year until such time as they are paid. I would encourage you to take care of it now when there is little or no pressure on you.See question
Just looking for information
The short answer is yes you can set up the trust in any state you choose. However, generally Connecticut takes the position that if you are a resident of Connecticut when you set up the trust and the income is yours then the income will continue to be taxed to you as a Connecticut resident. This is an oversimplification of the rule and there may be steps available in your situation to avoid the Connecticut tax.See question
The administrator of my autistic daughter's Special Needs Trust, who is my (deceased) ex-husband's second wife is refusing all requests for money to pay for my daughter's medical needs, ex. prescription drugs not covered by any insurance, along w...
Based on your statement fo the facts; it appears that the trustee is breaching her duty to your daughter. For that reason and possibly others she could be removed. Depending on the terms of the trust, she may be easily removed or an action in the probate court may be necessary to remove her.
Fell free to call our office, 860-769-6938 to schedule a conference if you feel we could be of assistance.See question
Mr brother-in-law is an attorney and the Executor of his Aunt's estate (she died 5 years ago). I have four children (all over 21) named as beneficiaries in the estate, as well as, 6 others (who are all cousins). My brother-in-law (the Executor) ha...
Based on the information provided in your question, it is extremely unlikely that there is any legal basis for a distribution by the executor to his brother from the estate assets in general. However, it seems strange that the estate would still be open 5 years later. I suspect that there facts missing from what you have furnished that may account for the intended action by the executor.
It would be wise to seek the assistance of an experienced probate attorney to help you resolve this.See question
I currently have a single-member LLC taxed as an S corp. I wish to acquire a C Corp, but do away with its double taxation. The acquisition will be a stock sale. After the acquisition, can I either convert or merge the C corp into my S corp to have...
The short answer is that you can not get the result you are seeking. Depending on the nature of the C corp operation (disregarding contingent liability issues) you are also not getting the best tax treatment by acquiring the stock of an operating company. This is a matter that you should seek the advice and involvement of an experienced business attorney and a CPA. All of the issues are far beyond what can ever be addressed in any online forum,See question