Thanks for your feedback. I was reading up on similar cases to mine. In a few instances even though property was held in joint tenancy, the individuals all agreed or intended for one individual to have complete ownership of the property and to collect all profit from the gain of its sale. This is something I did not think to clarify originally. When I took over managing the expenses and maintaining the house after my father passed, all of my family members agreed that I should have full ownership of the home to do with as I see fit because I paid all the bills and took care of all the issues with the home.
If this was the intent, and everyone agrees to this fact, would I be incorrect in claiming 100% of the proceeds and gain? Would I be able to claim the full cost basis my mother attained upon my fathers death? This is assumming the closing attorney agrees to file a 1099 with only my name. Does intent of how the home should be held supercede the way it would be divided according to who is listed on the deed?
If this is true the only gift would then have been from my mother to me for 100% share of the home. We did not know that a gift tax would need to be filed and I will need to check with her accountant to see if it was. If not should we file it after the fact even though no tax would have been due? Is there any penalty since no tax was due?
Thanks again.
