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re: Tampa St Pete
Posted on 7/20/23 at 8:35 pm to ReauxlTide222
Posted on 7/20/23 at 8:35 pm to ReauxlTide222
quote:
To each their own but my goodness, it would be difficult for me to get rid of a place like that
Exactly - to each his own.
When my Mom was alive she wanted to sell it. I told her that the capital gain she'd get hit with from 1975 - 2019 would be outrageous. I told her to do what she wanted, but the IRS would get much less if she allowed us to inherit the property rather than inherit the money from a sale during her lifetime.
Upon her death, two of the siblings wanted to keep it and three of us wanted it sold. So, two bought the three of us out. It was a good chunk of money. I was happy to be able to split the hit on the capital gains tax three ways. And the siblings who bought us out love the area as a vacation place. We are all happy.
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