My wife and I along with my in-laws own a vacation second home.
House is located in NY State.
Property is owned as tenants-in-common between the couples. The
purchase and all costs are divided evenly between the couples.
We have owned the property for about 30 years. Upon the death of
one of the in-laws (now both in their 80's) the surviving spouse
does not want the expense or hassle of maintaining a second home.
What would be the easiest, most cost effective and tax effective
way to transfer ownership to the remaining couple so that the
surviving spouse could pull his/her equity from the house?
Purchase price was 205K, current value about 460k.
1 Answer from Attorneys
That's a really great set of facts and a great question. I can't think of a solution off the top of my head. Perhaps someone else can, otherwise you're going to have to pay someone to research the answer for you. Good luck.
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