The mortgage is fully paid off and the house is worth a little over $1M. The fiscal assets of our dad's estate are enough to cover the sizable estate taxes, so we don't have to worry about an immediate financial burden.
My brother is a doctor with about 4 years left in his medical residency out of state. He hopes to get a job in town and move back into the house after that point.
Here are a few of the questions I have:
What kind of arrangements do we need to make in order to split rent between us? He is out of state and I live 10 minutes from the house in question. Should I set up a new bank account for the two of us?
Does it make sense for me to suggest that we split the rent in a way that compensates me for the time I have spent and will continue to spend as the primary property manager? If so, what is a reasonable rate?
We're donating a lot of smaller possessions (kitchen items, books, housewares, and clothes). Is it necessary to get tax receipts from the organizations we donate to?
Is there anything you experts think I'm missing, or general advice?
Submitted November 26, 2019 at 06:06PM by BrnndoOHggns https://ift.tt/2Om8Et2
