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Home = 130,000Personal Property = 20,000Oil & Gas Royalties = 50,000Legal expenses over 10 years = 60,000
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Property inherited is home + land with FMV at dod (10 years ago) = $130,000. When contested will was finally settled by court, Bene began fixing up for sale tre...
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Court Judgment of Possession took 10 years for Beneficiary to receive title to inherited property:Home (vacant for the 10 years).FMV at dod =$130,000.Sold for $...
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Contested Property: Beneficiary Inheritance: Gain or LossCourt Judgment of Possession took 10 years for Beneficiary to receive following inherited property:Home...
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Estate was in contention for 9 years. No probate. Court closed estate 11-21. Only income was a working interest royalty. Taxpayer had overpaid tax on 2020 Form ...
