Florida to NH ????

Diver Vince · 01-15-2013, 06:10 PM

The Federal Estate Tax for 2013 is 5 mil. This is of course linked to the unified gift tax credit taking into consideration all gifts greater than the gift tax exemption (14k for 2013). We have a bunch of turkeys in Washington and our tax policies are the laughing stock of the world.

Uncle Sam feels he's getting screwed by not collecting capital gains when the owner is still alive. At death the recipient receives a stepped up cost basis, ie the value of the asset when the donor dies. If the donee received the gift when the donor was still alive, the donee would inherit the donor's cost basis. Clear as mud?

NoBozo · 01-15-2013, 06:58 PM

I have another take when it comes to weighing Taxes Vs Quality Of Life in your retirement years. Quality Of Life trumps the other. It's YOUR LIFE... AND you can't take your money with you.

NB

Thread Tools
Show Printable Version Email this Page
Display Modes
Switch to Linear Mode Hybrid Mode Switch to Threaded Mode

01-15-2013, 06:10 PM	#1
Diver Vince Senior Member Join Date: May 2012 Location: Bonaire Dutch Caribbean and Gilford NH Posts: 103 Thanks: 31 Thanked 27 Times in 17 Posts	The Federal Estate Tax for 2013 is 5 mil. This is of course linked to the unified gift tax credit taking into consideration all gifts greater than the gift tax exemption (14k for 2013). We have a bunch of turkeys in Washington and our tax policies are the laughing stock of the world. Uncle Sam feels he's getting screwed by not collecting capital gains when the owner is still alive. At death the recipient receives a stepped up cost basis, ie the value of the asset when the donor dies. If the donee received the gift when the donor was still alive, the donee would inherit the donor's cost basis. Clear as mud?

01-15-2013, 06:58 PM	#2
NoBozo Senior Member Join Date: Jun 2008 Location: Portsmouth. RI Posts: 2,231 Thanks: 400 Thanked 460 Times in 308 Posts	I have another take when it comes to weighing Taxes Vs Quality Of Life in your retirement years. Quality Of Life trumps the other. It's YOUR LIFE... AND you can't take your money with you. NB

The Following User Says Thank You to NoBozo For This Useful Post:
Plumberswife (02-23-2013)