Mom left house to us in a Trust. Need advice on 4 kids splitting the house.

[mahmnewlife]

I really appreciate your input.... thank you. Two of the siblings want to sell and two want to keep Mom's house. It was left to us in a Trust to avoid probate. With the terrible housing market, we will be lucky to get $100,000 over the tax value. The house is paid for, but it is older and needs repair. Would it be better, tax-wise, for the two kids that want to keep it to buy us out? How does that work if it is in a Trust?

thanks again!

 

[army judge]

Trustees can offer other trustees the option of buyout.
If accepted, it solves your problem.
If refused, they could take you to court and request the court order a forced sale with proceeds distributed between the trustees.

 

[mahmnewlife]

How do taxes work with this? If it falls under the inheritance tax, it is for the value above its real price, right?

 

[army judge]

How do taxes work with this? If it falls under the inheritance tax, it is for the value above its real price, right?

For specific tax advice I suggest you consult with a CPA or tax attorney.

Each person's tax situation will be different!

 

[amy416]

For specific tax advice I suggest you consult with a CPA or tax attorney.

Each person's tax situation will be different!

Very true - sorry to hear about your Mother as well. I have a feeling that we'll be going through something similiar in the near future and this site has been extremely helpful!