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re: What happens to homes when occupant passes?
Posted on 5/7/24 at 2:29 pm to Dawgfanman
Posted on 5/7/24 at 2:29 pm to Dawgfanman
This is my lack of tax law but I’m assuming it’s an inheritance and at a large sum, there should be a large tax bill. Most Americans don’t save so easier to liquidate and collect cash
Posted on 5/7/24 at 2:34 pm to fareplay
quote:
This is my lack of tax law but I’m assuming it’s an inheritance and at a large sum, there should be a large tax bill.
It’s not. There is no inheritance tax under the value of something like 4 million. You pay cap gains on the difference in basis vs sold price, but the basis is the value of the property the day the person died. So it’s not usually much if any. With real estate fees etc the estate actually showed a capital loss in our case.
Posted on 5/7/24 at 2:40 pm to fareplay
quote:
This is my lack of tax law but I’m assuming it’s an inheritance and at a large sum, there should be a large tax bill. Most Americans don’t save so easier to liquidate and collect cash
This depends on the state. Louisiana for instance does not levy an inheritance tax. The Federal Gov will collect an estate tax on estates in excess of (13 million I think?)
Posted on 5/7/24 at 2:56 pm to fareplay
quote:
This is my lack of tax law but I’m assuming it’s an inheritance and at a large sum, there should be a large tax bill. Most Americans don’t save so easier to liquidate and collect cash
Clearly.
Posted on 5/7/24 at 3:09 pm to fareplay
How the frick do you survive? By posting every fricking thing that comes to mind from parents basement? You tell us once your parents croak and you get pushed aside.
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