Quote:
Originally Posted by FlyingScot
Pretty sure that if you leave the place to your kids, then they will pay no tax on the gain that occurred during your lifetime--all the assets get marked up on your death, tax-free (except if there is an estate tax).
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Our accountant told us this exact thing yesterday. We sold the parent homestead in March after my dad passed in February, so the "gain" will be calculated in that time, not from when they bought.
That being said, if someone were to have inherited property a couple years ago, there would still be a ton of gains?
Finally, the number we heard in terms of estate tax was $1M. Anything over begins to be taxed.
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