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Death means capital gains take a holiday for heirs selling a house

Dear Liz: I am in my mid-80s and in declining health. I want to advise my beneficiaries about possible taxation on the sale of my home after I expire. I bought the place in 1995 for $152,000. It now ... read more

3 tax breaks that may be better in the long run: Tax Strategy Scan

It's good to at least anticipate it if it's unavoidable," an expert says. Death means capital gains take a holiday for heirs selling a house Clients who inherited a house will owe no taxes on capital ... read more

The Trade-offs of Repealing Step-Up in Basis

Instead, the heir could keep the property until death and give the property to a new heir, at which time the property would take another ... [16] This means the recipient would owe $833,000 in capital ... read more

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For Trump’s wealthy appointees, death may be certain but taxes aren’t

“Our pro-growth tax reform blueprint includes fully repealing the death tax in order to protect family-owned businesses,” a spokeswoman for the Republican majority on the tax-writing House Ways and ... read more

Can we sell our £240,000 property to our children for a knockdown price to raise cash and avoid care home fees?

If we were to sell ... capital gains tax. Potentially this could be a tax charge as high as 28 per cent based on current rates. There are also several risk factors to consider, such as if your ... read more

Taxes From A To Z 2019: U Is For Unadjusted Basis

If you make a capital ... the house was worth $200,000 on the date of death, the new basis would be $200,000; the purchase price and the adjustments are no longer relevant. When the estate or heir ... read more

Capital gains tax: Some examples of how it could work in practice

(This gain roughly corresponds to the difference in median New Zealand house prices across the 10-year period.) He is not subject to any taxon this gain under current tax rules. A capital gains ... ... read more

Capital gains tax: What will it mean for your property?

In the final of a five-part series on the effects of a capital gains tax, ANNE GIBSON looks at what it could mean for property. Profits on selling ... take a hit. A CGT is like the Government taking a ... read more

What Tax Reform Means for Estate and Gift Taxes

One significant advantage of a CRT is that you can fund it with highly appreciated property, such as stock or real estate, and sell those assets within the trust without paying capital gains ... your ... read more

Getting “Real” by Indexing Capital Gains for Inflation

Under the current tax treatment of a capital gain, stock bought at the start of the period for $100 will sell for ... Capital gains in estates are forgiven under the provision that allows step-up in ... read more

What the Wyden-proposed tax on unrealized capital gains might mean for you

In the meantime, investors can take ... when the heir receives the asset valued as of the date of death — might be a easier to implement, he said. The step-up allows the beneficiary to sell the asset ... read more

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