Legal Question in Real Estate Law in New York

sale of home

My mother deeded her home to me in 1990. She maintained full use of home, paid taxes, utilities, etc. She has moved to Senior's residence. House has been sold. Is there a split in profit from sale of home? If so, who says what the percentages are (50-50? 60% to Mom, 40% to me, etc.) I was told Mom's portion would be tax-free. Is this correct?


Asked on 2/19/07, 5:14 am

2 Answers from Attorneys
Phroska L. McAlister PHROSKA LEAKE McALISTER

Re: sale of home

You need to consult with your closing attorney and retain a certified accountant for proper filing of both your returns; and in order for the accountant to calculate whatever allocation, between the two of you, may be appropriate, based upon your specific circumstances.

Good luck,

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Answered on 2/19/07, 1:32 pm
Michael Moberg Moberg & Associates

Re: sale of home

It sounds as if your mother retained a life estate to the property during her lifetime.

I would need to review a copy of the deed to determine ownership and the specific language of the life estate.

But if the house was already sold, who received the sale proceeds?

You may contact me at anytime for a complimentary consultation.

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Answered on 2/19/07, 10:02 am


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