Robert leavens on at black acre exchange

Just to add-- when you hear people talking about abolishing the "death tax" any such change would also get rid of this preferential tax treatment for inherited assets.

So while abolishing the "death tax" would benefit people with tens, or hundreds, of millions of dollars, it would actually be a paperwork nightmare and a real tax increase for everyone else in the country.

Anonymous wrote: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.

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.

Indeed, it sounds like you should get an accountant rather than a lawyer.

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.

Does anyone have any recommendations for a lawyer that specializes in Starker Exchanges? We have some inherited real estate that will have significant capital gains that we would like to sell and invest the money in another investment property. We want to consult with a professional so that we can make sure we are doing everything correctly.

Thanks.