I can't see where to post a question without replying to something already posted by my question is similar.
My father and his sister inherited their parents house after they died. It is a 3 family house and their parents lived on one of the floors. My father and his sister don't live there.
My father eventually bought his sister's 1/2 out when she no longer wanted to own the property.
At the guidance of his lawyer, He quit claimed it to me for one dollar (which was never taken and I do not think I ever signed anything ) and retained a life estate on the property that kept it under his control and he paid the taxes and received whatever rent came in. It did not allow me to sell, mortgage or do anything with the property without his consent and it would pass to my control after he died the lawyer said. Supposedly this kept the house as his and directed where it went after his death, but separated it from the value of his estate for tax purposes. It would not be mine until he passed which was why he paid the taxes took any rents etc.
He has since passed and the time has come to sell it. What would my tax basis be? The value of the quit claim for a dollar? The value when he died and the house became under my control or some other number?
The lawyer may no longer be alive and I need to sell for medical reasons.
