When the property is divide by thirds in a Will, do you have to get a deed to shown the ownership?
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When the property is divide by thirds in a Will, do you have to get a deed to shown the ownership?
If the Will says that you own 1/3 of an estate, how do you show that on your taxes if the up keep and tax are being paid as 1/3 from each person?
Asked on October 1, 2011 under Estate Planning, New Jersey
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
If there are three beneficiaries under one's will where all three agree to take all assets equally including real property, the probate court will issue a decree of distribution placing all assets into the names of all three beneficiaries with a one third interest each. The probate order is then recorded on the real property given to the three beneficiaries.
The property taxe bill will be issued to all three owners at their last known address as requested by each. It is up to the beneficiaries to agree how the total tax bill for the property they own collectively is paid. Usually one person pays the entire bill after the other two pay him or her their allocated share.
As to each person's state and federal tax returns they will then show their one third payment for the property.
Good question.
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