My dad had a vacant property in his name, which he inherited along with his 6 siblings from his father. Before he died he had the heirs of his siblings sign the property over to him. His intention was to sell the property and divide the proceeds among the 7 families equally. He would reimburse everyone who contributed to paying the property taxes over the years and then divide the remaining balance by 7 and give everyone their share. He always told us that was his intention. He died in 2010 and we never opened probate. My mother died in 2019 and we never did her probate either. Anyway we finally did probate for both of them in 2021. We found a buyer for the vacant land and sold it to him for 315000, lower than the cost basis. Is there a way to reimburse everyone for years of contributing to the land taxes? We distributed over 224000 to all the families and the rest of the money was earmarked for reimbursement of past year property tax payments to those who made them.
