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re: Land Sale Tax Question
Posted on 11/3/16 at 10:29 pm to damonster
Posted on 11/3/16 at 10:29 pm to damonster
when you inherited it, you get a stepped up basis, so the value when they died is basically your acquisition price. From then till now how much has it appreciated? That is what you owe tax on if you sell and then its 15% of that bc of long term capital gains
So what was value when they died
What is the value today
what is the difference
what is 15% of that difference
Stepped up basis allows some serious wealth transfers
So what was value when they died
What is the value today
what is the difference
what is 15% of that difference
Stepped up basis allows some serious wealth transfers
This post was edited on 11/3/16 at 10:32 pm
2
Posted on 11/4/16 at 11:54 am to dabigfella
quote:
Stepped up basis allows some serious wealth transfers
That's true, but unfortunately someone has to die.
Posted on 11/4/16 at 4:28 pm to dabigfella
Ok. Let me make sure that I'm clear on this. I'm just going to throw out some numbers. If at the time I went with all the other heirs to the attorney's office (many parcels of property were in the estate), the appraised value of this particular parcel of property had appraised for $100,000. If I sold it for $150,000 today, then the difference is $50,000. Would I pay $7500.00 in tax at on this upcoming tax return?
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