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re: What happens to homes when occupant passes?
Posted on 5/7/24 at 2:35 pm to Dawgfanman
Posted on 5/7/24 at 2:35 pm to Dawgfanman
What’s considered basis price? Is it sales price from when they purchased the home?
Posted on 5/7/24 at 2:36 pm to fareplay
quote:
What’s considered basis price? Is it sales price from when they purchased the home?
There is a “stepped up basis” upon their death. It’s the value the day they died.
Posted on 5/7/24 at 2:42 pm to fareplay
quote:
What’s considered basis price? Is it sales price from when they purchased the home?
example:
House bought by Mom for $50k
Mom dies and it’s worth $100k
You sell 6 months later for $110k
You only owe taxes on the $10k increase from the date of her death until the sale. You don’t owe taxes on the $50k that appreciated while Mom was alive.
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