South Lee Mailbag: Taxpayers win The News-Press, FL - Dec 5, 2008 The United Auto Workers Union, under the leadership of President Ron Gettelfinger, has stepped up to the plate and made the necessary monetary, ...
School board moves to act with speed on mil levy, once state ... Estes Park Trail Gazette, CO - Dec 3, 2008 By Juley Harvey A pending legal decision on the controversial Tabor amendment to the state law limiting the amount of money schools receive from property...
Progress made in Bosnia and Herzegovina, including agreement with ... ReliefWeb (press release), Switzerland - Dec 5, 2008 As for cooperating with the Tribunal, certain Bosniak politicians had asserted that a conviction of Radovan Karadzic would provide the legal basis for ...
ESCO Announces Fiscal Year 2008 Results MarketWatch - Nov 12, 2008 Additionally, Doble's finished goods inventory was required to be "stepped up" under purchase accounting, which caused finished goods inventory to be sold ...ESE
Tooele?s top cop reflects on 10 years at helm Tooele Transcript-Bulletin, UT - Dec 4, 2008 Q: Describe the situation you stepped into as police chief in 1998. What was the state of the force at that time? What problems did you see and what steps ...
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Major Crackdown On Burglary Launched In Leeds West Yorkshire Police (press release), UK - Dec 5, 2008 The use of ?capture houses? is also being stepped up across the district. The houses are equipped with hidden cameras and special equipment to spray ...
Brookfield's Reardon Offers Top 10 Financial Tips Brookfield Elm Grove Now, WI - Nov 22, 2008 If the decedent lives for more than one year from the date of the transfer, the basis gets stepped up to fair market value. 9. Overlooking the benefit of ...
China in biggest rate cut in 11 years The Australian, Australia - Nov 26, 2008 The People's Bank of China said effective today, it would cut benchmark rates by 108 basis points with the one-year yuan lending rate, cut four times this ...
editorial 1130 tax Daily Herald, UT - Nov 29, 2008 A person buys a house on the basis of a specific income stream that will pay for it. Raising the tax on a property whose owner bought it 20 years ago and ...
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Recent News and Articles on the Keywords: basis + inherited + propertys Related to the article below (Last Update: 8/4/2008)
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Guest Column: Zoning, permit process needs change Annapolis Capital, MD - Aug 3, 2008 They spoke of: Variances being denied without apparent basis, as in a home addition in Hanover. County errors for which the property owners were required to ...
Gene Mutation Tied to Inherited Atrial Fibrillation Washington Post, United States - Jul 10, 2008 Collaborators at the University of Iowa later confirmed the mutation's role in altering the electrical properties of the heart through an animal model. ...
'I would never know who's in the Priory', says Philip Scott Times Online, UK - Aug 1, 2008 Mr Scott admits to being saddened by events there, but says that they were a result of a change in his policy, which was never to take properties on to the ...
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SL Green Realty Corp. (SLG) Seeking Alpha, NY - Jul 29, 2008 Of the non-New York City investments, approximately $25 million relates to loan positions inherited in the acquisition of Reckson in 2007, against which 2 ...SLG
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Determine your basis... and keep more timber income - J Martin - University of Wisconsin, 1994 - forest.wisc.edu ... This amount is the original basis of the acquired property. ... The basis of an inherited
asset is usually greater than when it was in the decedent's hands. ...
What Happened to Limited Partnerships? L Knight, R Knight - Journal of Accountancy, 1997 - questia.com ... The discount on a commercial property LP, for example, is around 55%, while that ...
The step-up in basisinherited by the heirs generally avoids income taxes on ... -
- LA Del Cotto - U. Pa. L. Rev., 1969 - HeinOnline ... This section provides that the basis of inheritedproperty is the fair
market value at the time of the decedent's death. Holding ...
PH Asofsky - Tax Law., 1977 - HeinOnline ... Although the committee reports are silent as to why the aid of the Commissioner
was not invoked in determining the basis of inheritedproperty as it was in the ...
TM Boykoff - Marq. L. Rev., 1984 - HeinOnline ... INHERITANCE TAX A. Basis of InheritedProperty The MPA has amended an important
statute which gov- erns both income and inheritance taxes. ...
MF Voce - Tax Law., 1995 - HeinOnline ... adjusted as provided in section 1016." D. Section 1012: Cost Section 1012 provides
that "[t]he basis of property shall be the cost of such property... -
RS Hightower - Fla. St. UL Rev., 1977 - HeinOnline FLORIDA STATE UNIVERSITY LAW REVIEW VOLUME 5 SPRING 1977 NUMBER 2 CARRYOVER BASIS
RULES FOR INHERITEDPROPERTY ROBERT S. HIGHTOWER* I. INTRODUCTION One of the ...
CE Toth - Tax Law., 1996 - HeinOnline ... would recognize if it transferred the property for no ... Specifically, the inherited
capital account means that at some ... by writing off his excess basis, albeit as ... -
[CITATION] When a Contract for the Purchase of Land Is Executed Prior to the Initiation of a Suit Involving the … CJ Marchand - U. Balt. L. Rev., 1996 - HeinOnline
Source: Google Scholar
How to determine inherited property's stepped-up basis
By Bob Bruss
May 03, 2006
DEAR BOB: My daughter passed away unexpectedly at age 32. Her living trust left all her assets to me, including her condominium, which she owned about six years. That living trust was a real blessing because I didn't have to deal with lawyers or the probate court, as I was the successor trustee. The condo has appreciated greatly in market value since her purchase. How do I determine my new stepped-up basis, which you often discuss for inherited property? --Victoria H.
DEAR VICTORIA: To establish your new stepped-up basis for the property, you can use any method that can be documented and is acceptable to the Internal Revenue Service. Your stepped-up basis will become important when you sell the condo because any net amount received exceeding your new basis will be taxable capital gain.
The IRS will accept a professional appraisal, local property tax assessor's assessed value, insurance replacement cost, or other documented valuation. The best method is usually a professional appraisal, which typically costs $300 to $500.
For example, when I inherited a property several years ago, my first stop was the local tax assessor's office to determine the assessed value of the property. In the local jurisdiction, each property is reassessed annually so the assessment was reasonably accurate, as I confirmed it with several local Realtors.
FILING SEPARATE TAX RETURNS CAN FORFEIT $500,000 HOME-SALE TAX BREAK
DEAR BOB: Does that $500,000 principal residence sale tax exemption apply even if a house is only in one spouse's name? We file separate tax returns. The house was already in my name and ours is a late-in-life marriage. --Barbara DeM.
DEAR BARBARA: Internal Revenue Code 121 allows a $500,000 principal residence sale tax exemption if both spouses meet the 24 month during the 60 months before sale occupancy test although title is held in only one spouse's name.
However, unless both spouses file a joint tax return in the year of home sale, then only a $250,000 tax exemption will be allowed to the spouse who holds title.
To claim the $500,000 exemption, I suggest you and your husband file a joint tax return in the year of the principal residence sale. Your tax adviser has more details.
MUST LAND SELLER DISCLOSE SEX OFFENDER LIVES NEXT DOOR?
DEAR BOB: I rented a house on 50 acres to a registered sex offender (not necessarily guilty). I am now selling 10 acres, land only, of that property. Must I disclose to my land buyer that a registered sex offender lives on the adjoining property? My tenant has only a month-to-month rental agreement. --Susan L.
DEAR SUSAN: If you use a well-written printed sales contract, it should specify it is up to the property buyer to inquire, if interested, of the local police or sheriff's office if there are any registered sex offenders living nearby.
This is known as "Megan's Law." Most states have now enacted statutes shifting the burden to a property buyer or a tenant to inquire, if concerned, at the local registered sex offender Web site or other information source. If you use a correctly worded sales contract, as the land seller, it is not your responsibility to disclose this information. For more details, please consult a local real estate attorney.
The new Robert Bruss special report, "Pros and Cons of Fast and Slow House Flipping for Big Profits," is now available for $5 from Robert Bruss, 251 Park Road, Burlingame, CA 94010 or by credit card at 1-800-736-1736 or instant Internet delivery at www.BobBruss.com. Questions for this column are welcome at either address.
