topic Sale of Mom's House (Life Estate) in NC in Get your taxes done using TurboTax https://ttlc.intuit.com/community/taxes/discussion/sale-of-mom-s-house-life-estate-in-nc/01/6169#M3695 <P>In NC in 2001, my mom signed a Life Estate document, naming my brother and I on the document.&nbsp; She was placed in a nursing home&nbsp;2 years ago with the house sitting empty for those 2 years.&nbsp; She&nbsp;passed away in January 2018.&nbsp; My brother and I just sold the house, splitting proceeds 50/50.&nbsp; I am now trying to find out what my Federal and NC state tax liabilities will be. Thanks.&nbsp;&nbsp;</P> Fri, 21 Sep 2018 13:42:24 GMT srichard56 2018-09-21T13:42:24Z Sale of Mom's House (Life Estate) in NC https://ttlc.intuit.com/community/taxes/discussion/sale-of-mom-s-house-life-estate-in-nc/01/6169#M3695 <P>In NC in 2001, my mom signed a Life Estate document, naming my brother and I on the document.&nbsp; She was placed in a nursing home&nbsp;2 years ago with the house sitting empty for those 2 years.&nbsp; She&nbsp;passed away in January 2018.&nbsp; My brother and I just sold the house, splitting proceeds 50/50.&nbsp; I am now trying to find out what my Federal and NC state tax liabilities will be. Thanks.&nbsp;&nbsp;</P> Fri, 21 Sep 2018 13:42:24 GMT https://ttlc.intuit.com/community/taxes/discussion/sale-of-mom-s-house-life-estate-in-nc/01/6169#M3695 srichard56 2018-09-21T13:42:24Z Re: Sale of Mom's House (Life Estate) in NC https://ttlc.intuit.com/community/taxes/discussion/re-sale-of-mom-s-house-life-estate-in-nc/01/6182#M3696 <P>You've not provided enough details to work with here. A life estate can be set up hundreds, if not thousands of ways. Basically, whose name was on the deed to the house, before the house was sold? Did your mom leave a will? If so, did that will name you as the beneficiary of her estate? Or maybe she gifted you the house with the life estate? What's the details here.</P> Sat, 22 Sep 2018 16:41:26 GMT https://ttlc.intuit.com/community/taxes/discussion/re-sale-of-mom-s-house-life-estate-in-nc/01/6182#M3696 Carl 2018-09-22T16:41:26Z Re: Sale of Mom's House (Life Estate) in NC https://ttlc.intuit.com/community/taxes/discussion/re-sale-of-mom-s-house-life-estate-in-nc/01/6193#M3697 In 2001 my mother had a lawyer execute a NC General Warranty Deed for the house. She was the Grantor and my brother and I were the Grantee. It designated that she had the right of a life estate in the property. She passed away in January. There was also a will that named my brother and I as co-executors of her estate. Sun, 23 Sep 2018 01:48:56 GMT https://ttlc.intuit.com/community/taxes/discussion/re-sale-of-mom-s-house-life-estate-in-nc/01/6193#M3697 srichard56 2018-09-23T01:48:56Z
This XML file does not appear to have any style information associated with it. The document tree is shown below.
<rss xmlns:content="http://purl.org/rss/1.0/modules/content/" xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:rdf="http://www.w3.org/1999/02/22-rdf-syntax-ns#" xmlns:taxo="http://purl.org/rss/1.0/modules/taxonomy/" version="2.0">
<channel>
<title>
topic Sale of Mom's House (Life Estate) in NC in Get your taxes done using TurboTax
</title>
<link>
https://ttlc.intuit.com/community/taxes/discussion/sale-of-mom-s-house-life-estate-in-nc/01/6169#M3695
</link>
<description>
<P>In NC in 2001, my mom signed a Life Estate document, naming my brother and I on the document.&nbsp; She was placed in a nursing home&nbsp;2 years ago with the house sitting empty for those 2 years.&nbsp; She&nbsp;passed away in January 2018.&nbsp; My brother and I just sold the house, splitting proceeds 50/50.&nbsp; I am now trying to find out what my Federal and NC state tax liabilities will be. Thanks.&nbsp;&nbsp;</P>
</description>
<pubDate>Fri, 21 Sep 2018 13:42:24 GMT</pubDate>
<dc:creator>srichard56</dc:creator>
<dc:date>2018-09-21T13:42:24Z</dc:date>
<item>
<title>Sale of Mom's House (Life Estate) in NC</title>
<link>
https://ttlc.intuit.com/community/taxes/discussion/sale-of-mom-s-house-life-estate-in-nc/01/6169#M3695
</link>
<description>
<P>In NC in 2001, my mom signed a Life Estate document, naming my brother and I on the document.&nbsp; She was placed in a nursing home&nbsp;2 years ago with the house sitting empty for those 2 years.&nbsp; She&nbsp;passed away in January 2018.&nbsp; My brother and I just sold the house, splitting proceeds 50/50.&nbsp; I am now trying to find out what my Federal and NC state tax liabilities will be. Thanks.&nbsp;&nbsp;</P>
</description>
<pubDate>Fri, 21 Sep 2018 13:42:24 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/taxes/discussion/sale-of-mom-s-house-life-estate-in-nc/01/6169#M3695
</guid>
<dc:creator>srichard56</dc:creator>
<dc:date>2018-09-21T13:42:24Z</dc:date>
</item>
<item>
<title>Re: Sale of Mom's House (Life Estate) in NC</title>
<link>
https://ttlc.intuit.com/community/taxes/discussion/re-sale-of-mom-s-house-life-estate-in-nc/01/6182#M3696
</link>
<description>
<P>You've not provided enough details to work with here. A life estate can be set up hundreds, if not thousands of ways. Basically, whose name was on the deed to the house, before the house was sold? Did your mom leave a will? If so, did that will name you as the beneficiary of her estate? Or maybe she gifted you the house with the life estate? What's the details here.</P>
</description>
<pubDate>Sat, 22 Sep 2018 16:41:26 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/taxes/discussion/re-sale-of-mom-s-house-life-estate-in-nc/01/6182#M3696
</guid>
<dc:creator>Carl</dc:creator>
<dc:date>2018-09-22T16:41:26Z</dc:date>
</item>
<item>
<title>Re: Sale of Mom's House (Life Estate) in NC</title>
<link>
https://ttlc.intuit.com/community/taxes/discussion/re-sale-of-mom-s-house-life-estate-in-nc/01/6193#M3697
</link>
<description>
In 2001 my mother had a lawyer execute a NC General Warranty Deed for the house. She was the Grantor and my brother and I were the Grantee. It designated that she had the right of a life estate in the property. She passed away in January. There was also a will that named my brother and I as co-executors of her estate.
</description>
<pubDate>Sun, 23 Sep 2018 01:48:56 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/taxes/discussion/re-sale-of-mom-s-house-life-estate-in-nc/01/6193#M3697
</guid>
<dc:creator>srichard56</dc:creator>
<dc:date>2018-09-23T01:48:56Z</dc:date>
</item>
</channel>
</rss>