My mother is interested in signing a quitclaim deed over to me. My wife and I have been living in my childhood house for over two years.
My mother has her own home in a different city and both properties are paid off and mortgage free and located in California. I have two siblings (an older brother and a younger sister), my brother has told me several times that he has no interest (financial or otherwise) in the childhood home property. However, my sister I can say otherwise – she has an interest in everything.
My mother is at the age where she lives on a fixed income and the taxes and insurance are killing her where we live, on top of where she lives. We pay rent to my mother each month to live here, and for her to supplement her income with. We want to set up the quitclaim so that we continue to pay her the monthly rent, until the day she dies or if the state steps in if she were incapacitated. We offered to pay the home insurance and the property taxes, to help us and mom.
I want to know what will protect my wife and I, in the event when the time comes that my mother passes away, and my sister (who is on the will – it is power of attorney in the trust) would basically evict us and have us out on the street in a heartbeat – this is no joke. I know she would sell the house and get her part of it and if I were to die, then my wife would be out in a heartbeat too – my sister never liked my wife from the day of our wedding. It has been years for my wife and my mother to talk, due to my sister – my wife loves my mom and they have become closer since moving into the childhood home. My mother complains about my sister to my wife all the time, but my wife cannot do anything to my sister – well because we all fear her. She is intimidating and a downright bully. .
The house needs an extensive amount of work since it was built in the early 1920’s, and this includes bringing many things up to code and some things need to be removed due to age and health hazards. My mom wishes the house to remain with me and my wife (when she talks to my wife she always refers to the house as “your” house, meaning our house.) We badly want to fix the house up and live here for a long time – we have so many ideas and plans for this house – yet, the sister recently has decided she wants to come over here and instruct us how to remodel the home – against, the mother’s wishes – and we live here – who will pay for our costs to move out while all the remodeling is done? Once she starts one thing – many more will come too. I know my sister. My sister wiped out my mom’s account on the remodeling for the home she currently lives in now, and my mom had to borrow $3000 from my sister – now my sister feels she is part owner of that house and my mother is very down about this fact – so we want to help her pay back my sister to get her off my mother’s back. My sister has her own home, and so does my brother – however, my wife and I don’t have the same income or tax bracket as my siblings and this is why we live in the childhood home and try to help out mom as best as can.
Sorry for the long ramble…just want to state my case: Here is the million dollar question…How binding is a quit-deed and do I have to worry about capital gain or my siblings running this through the court system to get their part?
If you got this far…thank you.
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I recieved property from my parents through a living trust seven years ago. I just sold one of the houses. Do I pay capital gains on the full selling price or just the appreceition since I recieved it? I did get an apprasial when I recieved the trust. Do I deduct that from the selling price for the taxable amount?
Selling price was $205,000 on a traditional 100% 30 year fixed. re-fi two weeks later on a 80/20 30 year fixed due to loan to value to avoid PMI. House just appraised for $330,000. Reason for wanting to sell: we would like to move closer to our jobs. But we would hate to give Uncle Sam free money.
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