Siblings inherited home

Forum|Forum|2 years ago
February 11, 2024
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3 Siblings inherited a home. The house went through probate, by the time the probate completed there was no cash available from the estate to cover expense so each sibling split the cost of the probate lawyer. The house is being kept in the family as one sibling lives in it. Is the lawyer fee deductible. Do they claim the property on taxes if it's being kept in the family?

Not A Product Question

AnnetteB6

If the home remains in all three siblings names, then nothing would be claimed on the tax return until the property is sold. The lawyer fee is not something that could be deducted currently, but keep the records for the amounts paid. It would be more appropriate to add it to the cost basis of the home when it is finally sold.

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