Question is or seeking advice. on how to do deductions on taxes. Let me first give a quick summary of details and current updates. Please bare with me, this is a sad story of family has forsaken.
- My in laws owned their home free and clear.
- the home was part of a revocable trust implemented by my father in law, in short that both siblings, my wife and her brother, would get 50/50 upon passing of both parents. or father passed first, mother is new trustee, mother passed brother was named new temporary trustee.
- After father passed. My Wife's Brother takes advantage of situation and puts home in reverse mortgage. without consulting my Wife, a named beneficiary in the living trust. So to me whats to accumulate is the start of her loss in deductions. but more of that later.
- Mother requiring more living assistance. and is provided by a part time live in hired care provider. but not a certified provider.
- Brother asks to meet Wife and I after two years and says Mom needs to go into state convalescent home of we need to care for her ourselves. Stating funds depleted to pay part time live in care.
- Father left mother 85,000 in bank upon passing. gone. and house was now 300,000 in dept from reverse mortgage. And paper trail that shows 90% of the 300,000 borrowed was squandered by brother.
- I immediately consulted a real estate friend. I refinanced the home with mother in law and I on deed. because i was only one the could qualify with my income. or else she would lose home and property.
- soon after I refinanced again to barrow 20,000 for very much needed repair and renovations to home.
- Mother in law passed four months ago, May she rest in peace,
Now which forms do I start using and are there any obvious or specific deduction I can claim?
