My mother died about 15 years ago and the only good she had was her home. I was living there at the time and had taken out a loan for the house with their knowledge. I got married and moved out, and my son and family eventually moved in and paid for the apartment. We sold the property last month and it was inherited.
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I have a brother and I have to honor my mother's will by giving him half. I've kept revenue for 15 years of expenses, including property taxes, a new roof, and a water heater. Is it correct that I subtract them from what he owes? Is there a way to get a tax deduction? We live in Michigan.
Dear Mrs. P,
Your mother's house has helped you a lot over the years. You used it to get a loan and you had an apartment all the time, just like some members of your family. You could hardly expect your brother to pay the maintenance and other bills if he does not receive any income from the property in the form of rent. It seems that he did you a favor and not the other way around. Did you tell your brother that you sold the property or did you make this decision unilaterally? Your brother may not have exercised his rights, but that doesn't mean he doesn't have them.
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In addition, at least theoretically, he could have used the money he got from home. He could have invested it in the stock market or maybe used it as a down payment for his own property. Even if you think he played the lot, that's not the point: he didn't benefit from it. You used it You pay for it. You are right that you must respect your mother's will.
On your other question, be sure to speak to a tax attorney, but I've never heard of a case where you can write off expenses for a house that you inherited from a parent.
I assume you were a good daughter and have looked after your mother for the past few days, and yes, sometimes that doesn't feel fair, especially if a sibling lives in the state or just doesn't have the willingness or ability to do so Contribute own time. You deserve high praise for this, but no repayment. Members of the Moneyist Facebook page indicated that if we offset the score, you would probably owe your brother a lot of money: “You should add his share of the rent that you or your son should have paid for 15 years. Said one person.
Hello with the sale and greet your brother from me!
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