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If you received money from a sibling after he refinanced his home to pay off the share of an estate entitled to you are taxes owed on this money?
It sounds like what you received was your portion of an inheritance. If that is the situation, based on the facts given, there is no reportable tax occurrence. For inheritances, if what is inherited would have been taxable to the deceased, an IRA for example, then it's taxable to the heirs.
Ans
Money is fungible...that is indeterminable from each other. How your brother got the money to pay you is irrelevant. He didn't pay you....the estate did. The payment from the estate is not taxable to you...estate taxes are paid by the estate.
What else can I help you with?
What happens to real estate when someone dies without a will and can a child take a loan out on the house to pay his sibling their share of the inheritance?
The titling of the property detemines whether or not it is subject to probate procedure. No property can be sold, refinanced, distributed, transferred, etc. until it has been ruled exempt from inclusion into the estate of the deceased.
Can a sibling be held liable for another sibling's debts if the deceased sibling was not married had no children and left no assets or any estate?
No, a sibling will not be responsible for the debts. The estate is responsible for the debts. If the estate has no assets, the creditors will not get paid. If there are not enough assets to pay the debts, the beneficiaries will not receive anything.
Can a lien on a home be transferred to heir?
The lien isn't transferred to the heir- it remains a lien on the inherited real estate, which cannot be sold or refinanced until the lien is paid.The lien isn't transferred to the heir- it remains a lien on the inherited real estate, which cannot be sold or refinanced until the lien is paid.The lien isn't transferred to the heir- it remains a lien on the inherited real estate, which cannot be sold or refinanced until the lien is paid.The lien isn't transferred to the heir- it remains a lien on the inherited real estate, which cannot be sold or refinanced until the lien is paid.
If an heir of an estate dies who is entitled to that portion of the money?
If an heir of an estate dies who entitled to that portion of the money?
Is your spouse entitled to half of your estate?
Typically your spouse will be entitled to at least half the estate, even if the will says otherwise.
What does it mean when a sibling says theres a will but couldn't produce it?
It means you need to see an attorney, and tell him exactly what happened - when the death occurred, what you received (if anything) from the estate, what you expected to receive, and what your sibling told you. This needs to be done sooner, not later.
If siblings jointly received property in the settlement of their parents' estate how can an impasse be resolved on the sale or maintaining of the land?
The sibling that wants out offers to sell their share to the other sibling. If they don't wish to buy it, they sell it to whomever wants to buy their share.
Life estate put in more then one name can home be sold?
A property that is encumbered by two life estate cannot be sold or refinanced without the written consent of the life estate holders.
If sibling and you are remainders of the estate and sibling dies then who owns the estate?
You need to consult with an attorney who can review the title and how it was created. If the sibling was unmarried and without children their interest may pass to you. However, you may need to probate their estate. If there is a surviving spouse or children of the deceased sibling the situation becomes more complicated. The attorney can advise you of your options under your state laws.
When a parent dies and has two children and the estate is left to only one what does the other child do?
Legally, assuming duress was not used and the parent was of sound mind there is nothing the sibling can do who was cut out of the estate. Unless the disinherited sibling had some major character issues or had already borrowed his/her share of the estate prior; the sibling who has inherited the estate should split it. From personal experience with a spiteful relative I know this is the best course of action because: 1) It's the right thing to do. 2) The inheriting sibling wants a relationship with their sibling.
What is the sole beneficiary of a will entitled too?
The sole beneficiary is entitled to any assets remaining after the estate has been probated and the debts of the estate have been paid.
In Missouri are heirs entitled to know what other heirs received?
Probate records are public. Anyone can request the file and read through to see how the estate was distributed.
