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Buying Us Out |
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Dear Ms. Lank, My sister and her boy friend moved into my mother’s home to help her through her advanced age. Mother told me and my other sister that when she passed away, the home was to be sold, and the proceeds divided between us three children. The live-in sister is the executor of Mother’s will. Now she says that at her passing, she and the boy friend are going to "buy us out". How will this work, and what should we expect, also how will the taxes affect us? |
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Perhaps your sister and the boyfriend want to be the ones buying the house, and hope to pay you and the other sister for your shares. You’d be free to accept or reject their offer. There aren’t usually any tax consequences when you sell recently inherited property |
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Edith
Originally published on December 6, 2006 |
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