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property transfer with a life estate agreement

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spalzak Guest	Posted: Fri Feb 25, 2011 2:41 pm    Post subject: property transfer with a life estate agreement Like 0 Dislike 0 My parents transferred ownership of their home to 4 children for $1.00 along with a life state agreement in 2004. In 2009 they decided to move in with one daughter and but th home up for sale. It sold in 2010 with the proceeds divided equally among the siblings. since at least one of my parents was aliv when sold is the life estate voided. For tax purposes is the sale an investment sale.
adonis Joined: 22 Oct 2005 Posts: 10574 Location: ALASKA 1090.82 Dollars($)	Posted: Sun Feb 27, 2011 10:18 pm    Post subject: Like 0 Dislike 0 Welcome spalzak, If your parents have agreed to the property sale, the sale won't be considered as illegal. Thanks _________________ Procrastination is the enemy of your financial success

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