@Opus 17 wrote:
The question is whether a nephew is a close enough relative to be a "related party" under tax regulations. I don't know off the top of my head.)
I mentioned this issue in a previous post; a nephew is not considered a related taxpayer for the purpose of recognizing a loss in this instance (per Section 267(b)).
@Opus 17 wrote:
Given all the facts, your father probably had an implied life estate.
Given the facts, particularly that the father, apparently, wanted the proceeds of a future sale to be distributed among @mgawro01 and the two siblings, it would be optimum to assert that there was a constructive trust (of which @mgawro01 was the trustee) rather than an implied life estate.
The foregoing is precisely why @mgawro01 needs to consult with a local tax/legal professional.
