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Get your taxes done using TurboTax
@mgawro01 wrote:
Also do I have to report the proceeds to siblings as a gift? It was stated in his will to split his estate.
If you were the only "remainderman" (the only person on the deed that would succeed in ownership following the life estate), then you were the sole owner by operation of law after your father's passing.
As a result, the will would be ineffective to pass title as it passed outside the will (outside the estate).
You should seek local legal counsel and/or guidance from a tax professional for this matter.
‎January 31, 2024
10:05 AM
5,077 Views