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West Tennessee | I nearly saw a fist fight and did see a very serious cussing match over what appears to be a very similar sounding scenario. Their mother would not have been pleased. I'm thinking to lay out the potential solutions (there are obviously several potential ways to deal with this) to the parties and let them decide. I'd think about including their suggestions for the solution in the scenarios. If they don't think the solution is fair it won't matter what anyone else thinks. My 2 cents.
Edit to add: In my opinion the taxes should be split by the beneficiaries based upon the value received from the estate not based upon the tax cost of the gain on the sale. This is just my opinion and I'm sure I'll be disagreed with. The "value received" is not always easy to determine in some cases but in this case it sounds like it would be if both properties have been sold....and there are no other complicating issues (which there usually are).
Edited by BHTN 2/11/2010 21:40
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Capital Gains Tax Question
