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My Mom has owned a home in Florida for 30 years.  Just before her husband died 11 years ago, he changed the will and left 1/2 of the house to his kids. 
She is now considering selling her home because it's a lot of work and the expenses including the property taxes are out of hand.  Her taxes are more than twice of other homes in the area because she doesn't get full exemptions due to her 1/2 ownership.
Upon the sale of the house and their payout ..,  would they be responsible for half of the property taxes and other expenses ( new roof, AC, pool maintenance, etc)  that she has paid over the years ?

Thanks in advance !
Larry

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rated:
larryranger41 said:   ...Upon the sale of the house and their payout ..,  would they be responsible for half of the property taxes and other expenses ( new roof, AC, pool maintenance, etc)  that she has paid over the years ?

 

  

Was she paying them rent for use of their 1/2 of the house over those same years?
 

rated:
larryranger41 said:   
Upon the sale of the house and their payout ..,  would they be responsible for half of the property taxes and other expenses ( new roof, AC, pool maintenance, etc)  that she has paid over the years ?

Thanks in advance !
Larry

  What do you mean?  Has she been paying all the expenses, including the full tax bill?  Has she lived there all this time?  Will she be compensating them for all the years they've owned this house they've had zero use of? 

It really all depends on the arrangement between the owners, there is no "required" way of doing things.  But it sounds like the "right" thing to do is figure that while she lives there, she pays the expenses.  From what you've said, these kids have done your mom right by leaving her alone about their half of the house, where it'd seem pretty slimy to suddenly decide to try to put the screws to them.  If she wanted help with the expenses, she should've said something at the time, not after the fact.

Of course, if she was paying rent (half to them, half to herself), then as owners they should also have been picking up half the maintenance/tax tab.  But that's also a ship that has almost sailed, and it's a hard thing to bring up now.

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Is the house worth less than $100,000? Otherwise the first to file gets the entire 50,000 homestead exemption on taxes. If the kids don't live there they can't claim it anyways so she should get the full homestead exemption and Florida is pretty generous, they will backdate 7 years if you didn't file (properly).

Upon sale of the house if it's worth less than 100K, then there' not going to be any income tax implications. If it's worth much more than 250K then everyone gets their cut and exemptions.

If she's been there for 11 years and they've done jack and shes paid all the taxes and maintenance she should try adverse possession, screw the kids.

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