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Eldercare
Reply to "Sell house in trust now or wait? "
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]It’s much better financially for you and your sibling to inherit the house rather than have your dad sell it while he’s still alive.[/quote] +1. On the day of his death, you (heirs) will get a step up in basis to the current value of the home, thus avoiding capital gains tax on the difference between what he paid for the house (less improvements) and current value. [/quote] You get $500k of the capital gains tax free so if the house hasn’t appreciated more than $500k you don’t have to worry about it.[/quote] More like 250K, 500k is the exemption for a married couple. Saying that you might have 1/2 step up when mom died to step up in basis on the 50% she owned at her death.[/quote]
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