Our situation is similar. Our mom put my sister's and my name on title of her home but she had life estate of home. She passed 4 years ago and no one has lived in her home. We are selling it now, closing in one week. What's the best way to divide proceeds? We will be dividing with total of 4 siblings. Two are not on deed. Will there be capital gains? Is this considered income? House was sold for 22,000. But after realtor and closing costs we're looking at about 19,000 to divide 4 ways. If my sister and I have checks to us only and then "gift" our siblings their shares, will our taxes be higher? Should we hold some back to cover taxes?
