Some context:
My mom is in very poor health and is an absolute financial mess. She has two siblings is living in my deceased grandparents house. She can't afford basic bills. My grandparents left the house to their 3 kids.
My uncle (#1) is also living at the grandparents property. He is single and has no family besides his siblings and I. His financial situation also isn't the best.
My other uncle (#2) who lives elsewhere wants to sell the house (I would guess the house is worth $150k), but can't because of my mom and uncle (#1). My mom & uncle (#1) cannot afford to buy out uncle (#2). He's pretty upset with the whole situation.
Now the kicker - My grandparent's elderly neighbor passed away and left her house to my uncle (#1) and my mom in his will. I would estimate it to be worth $125k.
My mom wants to put her share of the inherited house in my name immediately. She's afraid that if she winds up in the hospital again they will take it and she won't have anything to leave to me (which I'm not concerned with at all).
Uncle #1 also wants to name me as his beneficiary.
My question is what does inheriting a house do to you tax wise? Do you pay tax on the full value of the house when you sell it?
I was thinking the best thing to do here would be to sell the inherited house as soon as possible and use the money to buy uncle (#2) out, but I don't know if there are other smarter options.
Submitted February 15, 2019 at 08:10AM by fahrvergnuugen http://bit.ly/2X4DZmA
