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re: Best Way to Transfer Real Estate to Heirs

Posted on 8/17/23 at 3:34 pm to
Posted by geauxpurple
New Orleans
Member since Jul 2014
12773 posts
Posted on 8/17/23 at 3:34 pm to
If your concern is to minimize the tax burden, if she would pass away and the property gets inherited, the heirs or legatees get a stepped up tax basis based on the value at the time of the death which will save them capital gains taxes if the heirs sell the property. Donated property does not get that benefit. From that standpoint it is better to let the property get inherited.
Posted by 7flat
Member since Aug 2004
285 posts
Posted on 8/18/23 at 3:04 pm to
Question about a step up in basis - does an appraisal have to get done at the time of her passing / inheritance? Or is the onus on the new owner at some unspecified time in the future to go back and prove what the property was worth when inherited?
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