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Eldercare
Reply to "NO ONE HELPS ME WITH MY MOM"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]That’s unfortunate. I would be upset too. Now you know. Before selling, talk to an estate attorney and an accountant. You might be better off renting it out to supplement her income. Heirs will only pay capital gains on the stepped up basis. [/quote] What does stepped up basis mean? Thank you. [/quote] It means if you sell now she can only exclude $250k gain from tax. So if her purchase price was $250, you sold for a million, then her gain is 750. She can exclude 250 from tax, and 500 is taxable. If you inherit the house your basis is stepped up to fair market value. So using the numbers above and fair market value is $1 million at the time of your moms death and you sell for a million, none of that it taxable. [/quote]
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