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If I put rental houses in a Florida land trust would the benefit of stepped-up-basis still be available upon my death or would doing that destroy this tax benefit?
If your "land trust" is a separate legal entity, then it would not have a "death" and the stepped-up basis would not apply because you no longer own the property.
Do assets in an irrevocable trust get a stepped up cost basis?
Yes
Do you pay taxes on money inherited from grandfather's estate?
There is no income tax on inherited property. The estate is subject to estate taxes before the property is passed on to heirs though. This depends on the value of the estate at the time the person died. If there is no estate tax problem, you do not have to pay income tax on the property received. However, if you sell any of the property you may have a tax situation on your gains from the property from the value at the date of death until the time you sell the property. You are allowed a stepped up basis in this situation so that your basis is not what your grandfather paid for the property, but the value on the day he died.
When inheriting Real Estate Property from the last deceased parent what basis points are used for tax purposes?
Your basis would be the Fair Market Value of the property at the time of death or the alternate valuation date selected by the executor of the estate, plus any adjustments necessitated by events after the date of death. If an estate tax return was filed, you should obtain the information from the return. If not, you should obtain an appraisal. If no appraisal was performed, you can get a retroactive appraisal done, but these are expensive, especially as more time passes.
Do you have to pay a tax on stocks that were left to you?
No. You don't have to pay taxes on ANYTHING left to you. It's a gift, and the person (or estate) leaving it to you would have to pay any estate taxes.Also, when you sell the stocks (for capital gains) you will only be taxed on the increase in value from what they were worth the day your benefactor died, something called the "stepped-up basis".
How can one determine the stepped-up basis in real estate?
To determine the stepped-up basis in real estate, you need to assess the fair market value of the property at the time of inheritance or transfer. This new basis is used to calculate capital gains tax when the property is sold.
Do securities transferred to a decedent's Estate get a step up in basis?
The basis will be stepped up when given to the heirs. They will get it at the current market value. It is one of the bigger loopholes in the US Tax system.
If I put rental houses in a Florida land trust would the benefit of stepped-up-basis still be available upon my death or would doing that destroy this tax benefit?
If your "land trust" is a separate legal entity, then it would not have a "death" and the stepped-up basis would not apply because you no longer own the property.
Do assets in an irrevocable trust get a stepped up cost basis?
Yes
Do you pay taxes on money inherited from grandfather's estate?
There is no income tax on inherited property. The estate is subject to estate taxes before the property is passed on to heirs though. This depends on the value of the estate at the time the person died. If there is no estate tax problem, you do not have to pay income tax on the property received. However, if you sell any of the property you may have a tax situation on your gains from the property from the value at the date of death until the time you sell the property. You are allowed a stepped up basis in this situation so that your basis is not what your grandfather paid for the property, but the value on the day he died.
When inheriting Real Estate Property from the last deceased parent what basis points are used for tax purposes?
Your basis would be the Fair Market Value of the property at the time of death or the alternate valuation date selected by the executor of the estate, plus any adjustments necessitated by events after the date of death. If an estate tax return was filed, you should obtain the information from the return. If not, you should obtain an appraisal. If no appraisal was performed, you can get a retroactive appraisal done, but these are expensive, especially as more time passes.
Does Stepped-Up Basis apply to property inherited via right of joint survivorship?
No. Survivorship is not an inheritance. When two people own property by survivorship and one dies, their interest is extinguished and the survivor becomes the sole owner.
Do you have to pay a tax on stocks that were left to you?
No. You don't have to pay taxes on ANYTHING left to you. It's a gift, and the person (or estate) leaving it to you would have to pay any estate taxes.Also, when you sell the stocks (for capital gains) you will only be taxed on the increase in value from what they were worth the day your benefactor died, something called the "stepped-up basis".
Will you have to pay taxes on your inheritance of 900000 in Texas?
As far as Federal income taxes are concerned, inheritance is not taxed on your 1040 return. The Estate itself may be required to file an Estate Tax Return and possibly pay Estate Taxes depending on the total value of the estate in total and the line of inheritance. As far as State taxes in Texas, I am not familiar with that but I doubt very seriously if any income tax is due on a State basis either.
Can you deduct past due real estate taxes paid in feb 09 on the 08 tax return that won't be filed until March or April?
As a cash basis taxpayer (you would know if you weren't), you can only take deductions for real estate taxes in the year you paid them, whether or not that is the year they were originally due. You will have to wait until you file your 2009 return in early 2010 to take the deduction.
What if piece a of property value at 400000 your share is 383546 you pay the difference to the estate would you have to pay capital gain taxes on the property when it is sold?
Ignoring any possible reasons, (like primary home) that the gain would otherwise be exempt.... The basis of the property in your hands is the amount of the value from the inheritance/estate. You would have a gain from that amount (plus any additions of course). This is actually a great thing...say the person you ingherited it from paid 100K....the gain of thew 300K (100-400), is NOT taxed. This is called a stepped up basis.
How was the manor the basis of feudal economy?
The Manor, or lord's estate, was the basis of the feudal economy .Everything that people needed was grown or madeon the Manor.
