Can you tell me more about this 'stepped up basis'? I'm not familiar with the term.
Quote:
Originally Posted by winterharbor59
There’s a book about a way to do this, assuming everyone is on board. “Saving the Family Cottage “. It’s been revised several times. Paperback via Amazon. With your evaluation assumed at [emoji637].[emoji640]m, & a primary home, capital gains would be about $[emoji637][emoji638][emoji[emoji6[emoji640][emoji638]][emoji640][emoji6[emoji640][emoji638]]],[emoji[emoji6[emoji640][emoji638]][emoji640][emoji6[emoji640][emoji638]]][emoji[emoji6[emoji640][emoji638]][emoji640][emoji6[emoji640][emoji638]]][emoji[emoji6[emoji640][emoji638]][emoji640][emoji6[emoji640][emoji638]]] if sold before your parents’ deaths. If sold after their death you get a stepped up basis. Living expenses in Boston area will not be cheap, especially assuming some period of long term care.
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