Tag: Step-up Basis

We Want to Draft Your Legacy

What are the Worst Things to Leave in My Estate?

October 12, 2021
If you’re planning an inheritance, be careful about leaving these assets to a loved one. They may create more trouble than they’re worth.
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Are Inheritance Taxes Due When Children Get Your Home?

July 9, 2021
My sister passed away. Her only possession was her home, which still has a mortgage and she left it to my son and daughter, her niece and nephew. What inheritance tax will there be?
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What are the Options when you Inherit a House?

March 23, 2021
Inheriting a residential property like a house marks the end of a life and the beginning of deciding what to do with the property and implementing that plan.
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When Do I File a Tax Return for an Estate?

March 17, 2021
My 91-year-old mother-in-law died on Dec. 13, 2020. There was no will, so we are currently working our way through the probate process. Her income was less than $20,000 a year from Social Security and we can’t find any tax returns she filed. Was she required to file?
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What are My Taxes on a House I Inherited?

February 26, 2021
When a house is sold, the seller is responsible for paying tax on the profit in the year of the sale.
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How Can I Easily Pass My Home to My Only Child?

January 12, 2021
I am a single retired parent to an adult daughter, who is an only child. The home I currently reside for the last 26 years still has a mortgage and the deed is in my name only. I have a will that states everything is left to my daughter, and then to my grandson, if she proceeds me in death. Should my daughter be added to the deed?
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