Mom passed without a will
My mom passed away in Dec 2008 without a will. She made it very clear that her only asset, her house, was to go to me. I have 3 sisters and a brother also. My mom left notes all over our house indicating that the house should go to me. All my siblings have houses and I do not. The house is valued at about 50,000. my parents paid 6000 for it back in 1950. Will I have to pay taxes on this property?
1 Answer from Attorneys
Re: Mom passed without a will
If the notes are in your mother's handwritng, signed, and dated,they should suffice as a will. If not, you will need a deed from your siblings transferring their interest in the property to you. When an appraisal is filed of your mother's estate, the house should be valued at its fair market value. If so, it will give you a new cost basis for income tax purposes.