Quote:
Originally Posted by John Mercier
If it is left to the children, they generally wouldn't have a mortgage, and the basis I believe is reset.
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When my parents reached their late 70's, they determined they were getting too old to maintain two houses, so they came to me and said, "we're either gonna sell the Laconia house or we'll transfer it to you". Of course we agreed on Option B. It was all done through their/my estate planning attorney. The house was appraised by an RE appraiser and that value was the transfer price (on paper)/new cost basis for me.