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Reply to "Starker Exchange X-post"
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[quote=Anonymous][quote=Anonymous]If you inherited it you should get a step up in basis and there's no need to go through all the trouble of a starker exchange.[/quote] I will try to put that in English for the OP: The way tax law works, when you inherit property its value for capital gains taxes is reset to the FMV on the day the owner dies. Say your grandfather bought a property for $50,000 in the 1950s. It's worth $1 million today. He dies today and you inherit it. You'd only owe capital gains taxes on any appreciation over $1 million. [/quote]
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