Legal Question in Tax Law in California

Real Estate/Tax Question

I have a real estate/tax situation that I don't know how to handle.

Basically, my mom added me and my two brothers onto the deed to her house in 1987.

She died in 2004.

My brother who now lives in this house paid me for my interest in the house in 2006 after I quit claimed the house to him.

I'm lost as to how to deal with this money as far as taxes go.


Asked on 3/16/07, 11:06 am

1 Answer from Attorneys
OCEAN BEACH ASSOCIATES OCEAN BEACH ASSOCIATES

Re: Real Estate/Tax Question

Whether it is income or an inheritance as far as taxes go may depend upon how the gift of the house was treated in 1987. Call me directly for an appointment.

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Answered on 3/16/07, 2:28 pm


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