topdoggerel
Junior Member
What is the name of your state (only U.S. law)? FL
3 of us kids inherited a condo from our mother about a year ago. We have been trying to sell it, but have not been able to. We did not retitle it to our names, hoping the real estate taxes would not go up. But they did, so now the question is: should we retitle it now?
The property has decreased in value from when we inherited it. We have invested in improvements, trying to make it more saleable. So far, we have not declared any income or expenses, expecting to add the improvements to the inherited basis and taking a loss based on the carrying costs, improvements, and decrease from the value when inherited.
But now, we are thinking of renting it for a year or two, hoping that the market might improve. So, we need to think about depreciating the value and taking yearly expenses. Or not.
We don't want to loose our taxable losses based on how the property is titled. Is there any danger of waiting until the closing, then changing the title from the decedant, to the inheritors, then to the buyer?
What else should we be concerned about in terms of the timing of the recording of the new names on the deed?
Other than this, the estate is closed.
3 of us kids inherited a condo from our mother about a year ago. We have been trying to sell it, but have not been able to. We did not retitle it to our names, hoping the real estate taxes would not go up. But they did, so now the question is: should we retitle it now?
The property has decreased in value from when we inherited it. We have invested in improvements, trying to make it more saleable. So far, we have not declared any income or expenses, expecting to add the improvements to the inherited basis and taking a loss based on the carrying costs, improvements, and decrease from the value when inherited.
But now, we are thinking of renting it for a year or two, hoping that the market might improve. So, we need to think about depreciating the value and taking yearly expenses. Or not.
We don't want to loose our taxable losses based on how the property is titled. Is there any danger of waiting until the closing, then changing the title from the decedant, to the inheritors, then to the buyer?
What else should we be concerned about in terms of the timing of the recording of the new names on the deed?
Other than this, the estate is closed.