inheritance tax: Gift or Inherit - 07/24/12 12:25 AM
 Gift or Inherit
Transferring the title of a home from one person to another may seem simple but it could have a significant tax implication.When a person inherits property, the basis is "stepped-up" to fair market value at the time of the decedent's death. On the other hand, a gift has a carry-over basis which means that the recipient receives the unrealized gain also.As an example, let's say an elderly parent, in an attempt to get their affairs in order, gives their home to their adult child. The rationale might be that they are the sole beneficiary and will get the … (2 comments)

 
Patty Clark, Helping People Make the Right Move (Metro Brokers/Morningside Homes, LLC) Rainmaker large

Patty Clark

Helping People Make the Right Move

Denver, CO

More about me…

Metro Brokers/Morningside Homes, LLC

Address: Attention Patty or Chris Clark, 8101 E. Belleview Ave #F, Denver, Co, 80237

Mobile: (720) 231-5200

Office: (303) 796-7000

Email Me

<!-- Facebook Badge START -->Patty Clark

Create Your Badge<!-- Facebook Badge END -->


Listings

Links

Archives

RSS 2.0 Feed for this blog

Find CO real estate agents and Denver real estate on ActiveRain.