Legal Question in Tax Law in Massachusetts

Inherit House

My mother has passed and the house is left to me and my three brothers. As far as the tax implications of this transactions, should each of us claim 1/4 of this on our current year return or can someone claim it this year and someone else the next?


Asked on 4/05/07, 1:35 pm

1 Answer from Attorneys
Dmitry Lev The Lev Law Firm

Re: Inherit House

What exactly are you "claiming"? There is no taxable event unless the house is sold, used as a rental property, or a primary residence WITH a mortgage. If you are talking about a property tax deduction (which would only apply if you itemize), then you may claim the lesser of your portion of the liability (25% if that's the split among the brothers) or the amount that you actually paid during the year.

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Answered on 4/10/07, 12:25 am


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