mcamtc, if you are still on-line, we need more information. Such as when you say your brother's name is on your Mom's house, do you mean the Deed or do you mean the Mortgage?
Also as Daughterof1930's post had asked, is your Mom on Medicaid? Is your Mom living at home, or in a nursing home paid by Medicaid?
One thing one forgets when they place a grown child on the Deed, when it is time to sell the house, the Capital Gain bases goes all the way back to when the parent(s) had bought the house.
Thus, if the house was bought in the 1940's and has gone up greatly in price, the difference between today's market value and when the parent(s) bought the house would be the Capital Gain bases. From that bases, there is a tax deduction that can be taken if your brother had lived in the house 2 years during the past 5 years. If your head is spinning, that is a normal reaction. One would need to check with a Certified Public Accountant, or even an income tax preparer. IRS rules are constantly changing :P
If the parent left the house to a grown child in the Will, without the grown child being on the Deed, it is soooo much better. The Capital Gain bases when selling only goes back to when the grown children obtained the house via the Will.
Does she have a will stating this is her wish? Is she receiving care paid for by Medicaid? Are there any siblings who might contest that they want a share of the home? Sorry to answer a question with questions but there are variables that come into play
Also as Daughterof1930's post had asked, is your Mom on Medicaid? Is your Mom living at home, or in a nursing home paid by Medicaid?
One thing one forgets when they place a grown child on the Deed, when it is time to sell the house, the Capital Gain bases goes all the way back to when the parent(s) had bought the house.
Thus, if the house was bought in the 1940's and has gone up greatly in price, the difference between today's market value and when the parent(s) bought the house would be the Capital Gain bases. From that bases, there is a tax deduction that can be taken if your brother had lived in the house 2 years during the past 5 years. If your head is spinning, that is a normal reaction. One would need to check with a Certified Public Accountant, or even an income tax preparer. IRS rules are constantly changing :P
If the parent left the house to a grown child in the Will, without the grown child being on the Deed, it is soooo much better. The Capital Gain bases when selling only goes back to when the grown children obtained the house via the Will.
1. How is the deed titled? Your mother and your brother as joint tenants, with survivorship rights to your brother?
2. Is there a will and if so, does it specify that your brother inherits the house?
3. Same question as to any trust.
All the documents have to be consistent, and properly drafted. The Deed should also be recorded with a Register of Deeds or other county department.
Was the Deed prepared by an attorney? If not, it should be reviewed by one to ensure it's properly drafted and recorded.