real estate attorney – Difficult and confusing tax question on real estate sale.?
General January 13th, 2010
Difficult and confusing tax question on real estate sale.?
Several years ago my stepdad went to a lawyer to put the deed of my parents house in my and my brother and sister`s name, with them having a lifetime dowry. He died last January and my Mom sold the house for $92,000 and when we went to the attorney`s office to sign the papers the attorney informed us that only the back lot that was purchased years ago was the only deed that was transferred to our names but the attorney took it on himself and combined the deeds into one because he said that was my stepdad intentions even though he was not the attorney that my stepdad used. The check for the house was in my mother, my brother, sister and myself names. We all gave the money back to my mother and never took one penny of it. She has since purchased another house with the proceeds. My question is will me and my siblings be responsible for the taxes on our share of the $92,000 even though we never received the money. I know this is confusing and we have talked to a attorney and an accountant but get different answers from everyone. Will I receive a 1099 orwhat. I am really worried about paying taxes on something that I didn`t receive.
Choosing an attorney is never a pleasant endeavor. This is especially true when your residential or commercial real estate, which may represent the most significant asset you or your business owns, is involved. When it comes to choosing an Arizona real estate lawyer, keep the following considerations in mind and you’ll have a much better chance being pleased with your ultimate choice.
First, you should understand that the practice of law is something like practicing medicine. There are general practice attorneys (somewhat like your primary care physician) who may perform a wide variety of simple legal services. There are also attorneys who focus on narrow legal issues, such as real estate law.
When you have a serious problem involving a specific area of law, you will probably want to find an Arizona attorney who focuses on and has significant experience in that area of law. This is particularly true when you are facing a real estate-related dispute that is headed for, or already embroiled in, litigation.
If you already have an Arizona attorney who doesn’t practice real estate law, they can be an excellent source of referrals. You may also want to contact the Maricopa County Bar Association, which runs an excellent referral service. Of course, an internet search may also help you to find the Arizona real estate lawyer you are looking for.
I recommend that you identify and meet with at least three attorneys before making your decision. Don’t feel pressured to hire the first lawyer you speak with. You’re facing a serious choice and you are certainly entitled to obtain a “second opinion.” The lawyer you do choose should have experience handling the type of case you’re facing, and should be willing to provide an honest evaluation of the claims and defenses you’re facing.
After meeting with a few attorneys you should carefully consider things such as cost, experience, location and other quantifiable factors. You also, however, should make sure that you are comfortable on a personal level with the Arizona real estate attorney you select, because your ability to communicate with each other will be vital to your case.
Of course, no lawyer can guarantee success, because Courts and juries can be fickle things. The right Arizona real estate attorney, however, can ensure that your claims and defenses are articulated to the Court in manner that will maximize your chance of success.
Kevin R. Harper is an Arizona real estate and business litigation attorney, representing individuals and small businesses throughout the state of Arizona from his centrally-located office at 1 N. Central Ave., Suite 1130, in downtown Phoenix.
For more information about Arizona real estate law, feel free to contact Harper Law PLC at 602-256-6400, or visit the firm online at http://www.HarperLawArizona.com
Copyright 2008 Harper Law PLC, all rights reserved.
The above article is designed for informational purposes only and, because every situation is different, is not intended as definitive legal advice. You should not act upon this information without seeking independent legal advice about your individual situation.
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