Quote:
Originally Posted by FlyingScot
And even if you do want to "give the kids the money" before you go, they are much better off if they sell the property themselves. If you sell today, you are hit with taxes on the gain. But when you die, the cost basis is reset to the value at your death. If they sell right after you drop, the gain for tax purposes is zero. (may be different if house is in a trust, consult professional) But let's hope they're smart enough to hang on to it
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Same holds true if a home is "trusted" to someone and the original owner passes on, goes to the heirs at current value.