Currently, inheritance of a certain amount or value is subject to an inheritance tax. However, these regulations are changing. Look here for more information about when inheritance tax applies and any changes in the law.
Landowner Wants To Sell Fraction Of Property
A landowner who owns one twelfth of a property wants to sell. The landowner says his co-owners will not buy him out. The landowner wants to know his options for getting out of the property.
No Way To Split Tax Liability On Jointly Inherited Home
A wife asks about the taxes owed on a home under joint ownership. Her husband has joint ownership with his sister. The joint ownership details will determine tax liability.
1031 Exchange and Real Estate Taxes
Siblings inherit apartment buildings and ask about a 1031 exchange. They want to do a 1031 exchange to keep the same property tax bill. To do a 1031 exchange, you have to replace property with the same value or more.
Determining Taxes For Inherited Property
A man inherits a home from his father with his stepmother as the life estate beneficiary. The man buys out his stepmother's life estate. The man's wife wonders what amount to base taxes on upon sale for the inherited property.
Calculate Capital Gains Taxes Instead Of Inheritance Taxes
When you inherit property and later sell it, you need to calculate capital gains taxes, not estate taxes. Estate taxes are due on estates of a certain value and if the estate's value is less than the government standard, no taxes are due. To figure exactly how much you owe in terms of capital gains taxes, consult with a tax preparer or accountant.
Attorney Can Help With Title Problems
A property deed may list several people as co-owners. What can you do if some of your co-owners want you to leave the property after someone passes away? This involves not only real estate title issues but also estate planning concerns. Contact a real estate attorney for help.
Ilyce Glink on WSB Radio – November 25, 2007
On this Sunday after Thanksgiving, Ilyce talked about CyberMonday (the day that everyone supposedly goes back to the office to begin shopping online in earnest for Christmas) and how some bloggers suggest that this is a made-up shopping day. Ilyce also took questions about whole life insurance, inheritance taxes, and whether EE bonds that a caller's daughter inherited could be used tax-free to pay for school. All this and more on this week's Ilyce Glink Show.
Tax Implications In Transfer Of Property Title
Transfer of property title can have many tax implications. There is no way to simply transfer title to you without you then having a significant tax issue down the line. Tax-wise, the best choice would be for you to inherit the property.
Calculating Property Cost Basis
In simple terms, when people talk about the term "basis," that term refers to the cost of the property adjusted for improvements and can be adjusted up or down for other reasons. If the property was vacant land when you bought it and it cost you $5,000, your basis at that time was $5,000. If you put a home on it at a cost of $35,000, the basis of your property would have been $40,000 even though the home might have caused the land and home to be worth much more than the $40,000.