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One point should be made - if the house is currently owned by the estate, and not by the beneficiaries of the estate, then the gain/loss would be reported directly on the estate's income tax return(form 1041), and not on your(or the other beneficiaries) individual income tax returns.

I would suspect it is since we never signed any documents to transfer ownership and the estate is still paying the bills. Would this also mean that the estate would be liable if something happened, and not the siblings who inherit, since no transfer has yet been made? There were very few assets in Dad's estate, most of it being held in a trust.

The loss of tax benefit would be well offset if we can dodge liability. I have no control over what happens with this house since I am not the executor. Getting insurance on the property has been expensive and difficult, harder and harder to convince the others of the need.

IP
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