Posted by chet on February 20, 2005 at 24:56:31:
if you parents have other assets or perhaps even if not, check out an a/b trust. some need benefits.
a/b referes to spouse 1/spouse 2. I’m in a deal right now, when the husband wants to wait to sell until the wife dies, as that would make the whole about tax free rather than just 500K being exempt.
cost basis - joint tenancy v. inheriting - Posted by chris
Posted by chris on February 18, 2005 at 16:55:37:
My father is purchasing a principal residence in FL., and I was going to assist him with the down payment. He has no other children, nor does his wife.
Cost basis wise - Would it be better to just give him a gift of $10k to use as a down payment, not have my name on the title at all or have my name as jt tenant?
in heriting prop - When he and his wife die, then i would inherit the property at the cost basis on the date of inheritance.
Jt Tenat - If i had my name put on the title as a joint tenant w/ rt of survivorship, when he dies, what is my cost basis?
Thanks in advance for you help.
Stepped up basis… - Posted by David Krulac
Posted by David Krulac on February 20, 2005 at 19:09:07:
is one of the best things if not the absolute best thing in the IRS code.
When you inherit property your basis is the basis of the property on the date of death, even if the decedant owned the property for 50 years. In essence you get 50 years of capital gains tax FREE, how can you beat that?