Quote:
Originally Posted by FlyingScot
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.
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From mass.gov......
If you're responsible for the estate of someone who died, you may need to file an estate tax return. If the estate is worth less than $1,000,000, you don't need to file a return or pay an estate tax. Massachusetts estate tax returns are required if the gross estate, plus adjusted taxable gifts, computed using the Internal Revenue Code in effect on December 31, 2000, exceeds $1,000,000.