Investors & landlords

You might want to consult with a local tax professional.

 

See https://taxexperts.naea.org/listing/service/estates-gifts-trusts

 

Since the home was your parents' primary residence and they resided in that home until they passed (presumably), then you and your siblings may be able to make an argument that your parents retained a life estate while you and your siblings received a remainder interest.

 

See https://www.law.cornell.edu/cfr/text/26/20.2036-1

 

The foregoing would provide you and your siblings with the best tax treatment as your basis in the home would be stepped up to its fair market value on the date of death of the last parent to die.

 

With respect to the taxes paid to NY, what was the nature of those taxes? Transfer taxes or otherwise?

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