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Reply to "A son/daughter selling home in FFX CNTY that elderly parents lived in until passing away"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Getting any money from the sale of a parents' home is a gift. Do not get greedy and think ill of your parents for not selling while they are alive so that you would get more free money.[/quote] This post doesn’t make any sense. An home is worth more, inheritance-wise, if they don’t sell. If your parents purchased a home that is now worth $3M for $250K, and they sell it, they will have to pay a 15% or 20% capital gains tax on $3M - ($250K + $500K) = $2.25M, or up to $450K in taxes. If they don’t sell and you inherit the property, you’ll be able to sell and pocket the whole $3M without paying a dime in federal tax.[/quote] Seniors in Virginia should not have pay a dime in taxes if it was their primary residence for several decades.[/quote] Seniors and people with disabilities do get some relief from property taxes but AFAIK not on transfer taxes when they sell or income taxes on the profit after the sale.[/quote]
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