Quote:
Originally Posted by thinkxingu
Our accountant told us this exact thing yesterday. We sold the parent homestead in March after my dad passed in February, so the "gain" will be calculated in that time, not from when they bought.
That being said, if someone were to have inherited property a couple years ago, there would still be a ton of gains?
Finally, the number we heard in terms of estate tax was $1M. Anything over begins to be taxed.
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Joey may want to double check my answers here:
The house should be valued at time of death, so gains the past two years would be taxed. But I would guess there is a fair bit of judgement involved about when the gains occurred, so you can probably argue the lion's share occurred earlier.
Some states have inheritance taxes (I don't know which ones, but I don't think the list includes Mass), but a married couple can transfer $23MM or so to their kids, tax free from the Feds.