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If it was deeded over to you **before** he died then that is a gift, anything above $14,000 in one year is TAXABLE INCOME. So you may be in arrears with the IRS. You better be in touch with a tax attorney pronto. And forget about the sibling--if dad wanted to give you his house that is completely within his rights to do so. But the tax problem could make you feel like you didn't get it....especially since, even if you shared the proceeds from a sale, YOU are still on the hook for Income Taxes for the year in which the house was gifted. Sorry. It would have been MUCH better if the house had been Willed to you--that would likely be tax-free.
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I am facing the same situation here. He gave me the home about four months before he passed. The taxes will be a killer. I am also the 100% beneficiary on all financial accounts. I can defer receiving that money, which I will do except for a small amount to help me pay bills from the funeral. I am seeing an attorney regarding all of this. It is just to much for me. I don't have any money extra to pay taxes. I don't want to sell the house as I love it and want to live here. They will probably just lien the house. Which is fine with me. Just leave me alone until I die.
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Oregongirl, I think you need to take a big breath and slow down. Only a few months ago you were wishing you could be closer to your family, has that changed? You have developed an emotional attachment to this property, but are you really sure staying is in your best interest in the long run? At any rate he has only been gone a a few days, no need to rush into things.
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oregongirl, when did this happen? I'm so sorry; I must have missed this somewhere
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