no profit will be made from the sale of our fathers home 1ST mortgage and 2ND ( some kind for reverse mortgage ) has to be repaid to lenders , Brother says we have to pay capital gains taxes . I know he is full of it ! He also says we don’t have to repay the 300.00 2ND ( reverse mortgage ? that paid my father 5,000 each month for 3 years ) and for 6 months that my brother cashed anyway after Dad died
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January 19th, 2010 at 1:42 am
Whoever is the executor of your father’s estate should be using an estate attorney to advise him/her on these matters. You won’t get informed advice here. However, any taxes due on the estate’s assets are paid for by the estate prior to final settlement. Heirs are not taxed directly.
January 19th, 2010 at 1:42 am
No he may not be full of it. I suggest you contact a Real Estate Attorney for the facts.