The Moneyologist: My brother and I inherited our family home — but I spent $125,000 renovating it

Terrence Horan/MarketWatch

Dear Moneyologist,

Before my mother died she placed our family home in trust with my brother and I as trustees. She also noted that I had the right to live in the house as long as I wish, but in the event that I decide to move the proceeds of the sale must be divided between my brother and I.

Since I have lived in the house, I have spent a lot of money ($125,000) to update it: Full kitchen renovations, a new roof and chimney, renovation of two bathrooms, and a new sun room. I paid for everything and I pay the yearly taxes of $10,000 per year.

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