@Hello786 wrote:
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?
I think that's a big stretch. On the face of it I would say no, you can't do that. But ask a lawyer.
@Hello786 wrote:
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?
Ask the accountant. It's your mother who should have filed the gift tax return. (And her accountant should have advised her to file it, but maybe she didn't tell him about the gift.) If your mother's estate is already closed, I don't know how a gift tax return would be filed, or what the effect would be of filing it now. But again, ask a tax professional or an estate lawyer.
You need competent professional advice, not anonymous opinions on the internet.
