8 SIBLINGS

I AM 1 OF 9 CHILDREN. PARENTS DIED 2 YEARS AGO IN PHILLY. THEY OWNED A PROPERTY. O LIVE IN A DIFFERENT STATE. THEY HAD NO WILL OR INSURANCE. OTHER SIBLINGS HAVE NOT BEEN TO PROBATE COURT. I FOUND OUT YESTEDAY THE TAXES HAS NOT BEEN PAID SINCE. I CALLED PROBATE THEY TOLD ME SINCE I DO NOT LIVE IN THE STATE I CANNOT BE EXECUTOR! WHAT CAN I DO BEFORE THEY SELL THE HOUSE AT TAX SALE?

Comments(13)

  • tinman175525th January, 2006

    Call your attorney

    Laurie
    [addsig]

  • lmgreen25th January, 2006

    thanks for the advise Laurie, I am gonna do that tommorrow!! You seem like you know what you are talking about. I am completely clueless, never had this experience before. Laura

  • Stockpro9925th January, 2006

    Better yet, call an attorney in Texas so that they can operate within state statute

    You can go online but I would suggest calling a friend there or contacting a member of one of the REIA groups and asking them for a referral.
    [addsig]

  • Stockpro9925th January, 2006

    WHy not just make up the arrearages on the home? Or at least the most delinquent year? Someone is going to have to pay those taxed and a lawyer will not be able to do more than possibly obtain a stay that will be temporary in nature....
    [addsig]

  • lmgreen26th January, 2006

    THANK YOU,
    THE PROPERTY IS IN PHILA, PA. I WAS TOLD BY A FRIEND A FEW MONTHS AGO SOMEWHAT THE SAME THING. THAT I COULD PAY AROUND 400.00 TO PROBATE TO GET THE PAPER WORK. BUT, WHEN I CALLED THEY SAID SINCE I DID NOT LIVE THERE I COULD NOT. I DID NOT WANT TO GET AN ATTORNEY BECAUSE I DID NOT WANT MY SIBLINGS TO THINK I WAS TRYING TO TAKE THE HOUSE FORM THEM! BUT, IT IS STILL SITTING. IS IT ALSO TRUE IN PHILA. THAT SINCE MY PARENTS DIED WITHOUT A WILL OR INSURANCE THEY WILL FORGIVE THE TAXES FOR 10 YEARS? I NEED TO TAKE A TRIP HOME.

  • lmgreen26th January, 2006

    SORRY, ONE MORE THING ON TOP OF ALL THAT DO I HAVE TO WORRY ABOUT SQUATTERS RIGHTS INCASE SOMEONE DECIDE TO MOVE IN. HERE IN OHIO WE DO NOT HAVE SQUATTERS RIGHTS.

  • Taxivestor13th April, 2007

    What was the outcome of your situation?

    On 2006-01-25 17:58, lmgreen wrote:

    I AM 1 OF 9 CHILDREN. PARENTS DIED 2 YEARS AGO IN PHILLY. THEY OWNED A PROPERTY. O LIVE IN A DIFFERENT STATE. THEY HAD NO WILL OR INSURANCE. OTHER SIBLINGS HAVE NOT BEEN TO PROBATE COURT. I FOUND OUT YESTEDAY THE TAXES HAS NOT BEEN PAID SINCE. I CALLED PROBATE THEY TOLD ME SINCE I DO NOT LIVE IN THE STATE I CANNOT BE EXECUTOR! WHAT CAN I DO BEFORE THEY SELL THE HOUSE AT TAX SALE?
    [/quote]

  • lmgreen4427th October, 2008

    As of today, I have backed completely off! One of my sisters hit the other and got a restraining order against the other and court barred her from coming to house for 3 years. The crooked sister is a paralegal. Now, the situation has turned very ugly. I just want the house sold and be done with it all!

  • lmgreen4428th October, 2008

    Thank You,

  • cjmazur27th July, 2008

    Not a CPA, but it seem reasonable that the fines you pay to get clear title, would be an adjustment to your basis.

  • cjmazur28th July, 2008

    maximum amount I can subtract from my gross income for the year is $3,000


    But you can take a deduction against other capital gains.

    w/ taking out the loan, you might end-up having to pay the loan and still be limited to 3K/yr if you take a loss.

  • lyubomira23rd September, 2008

    Sorry to learn about your loss.
    You can carry forward your losses (over $3,000) for as long as you want and offset any gains (short or long term) against that loss up to a $3000/year.

    Another option is to sell the property to a corp you own for what you paid for it (no loss, no gain). Then, the corp can donate it to the City (or village) and write off the full amount from the corp. This is helpful if your corp has gains. But ask a CPA (I am not one).

    Good luck and let us know what you did and why.

  • NewKidInTown329th October, 2008

    Quote:
    On 2008-09-03 18:58, lyubomira2 wrote:

    You can carry forward your losses (over $3,000) for as long as you want and offset any gains (short or long term) against that loss up to a $3000/year.This is not quite right.

    If you have a $10K NET capital loss, you can only use $3K of your net loss to offset other income. The $7K balance of your net capital loss is carried forward to the next tax year when the full $7K can be used to offset $7K in Schedule D capital gains.

    If you still have a net capital loss in the next tax year, then you are still limited to using only $3K of your net capital loss to offset other income on your 1040.

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