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Loren
Loren, Attorney
Category: Legal
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Experience:  30 years experience representing clients.
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Beneficiary has not transferred home left m by father. step

Customer Question

beneficiary has not transferred home left him by father. step up appraisal applies. once transferred regardless of value there are no capital gains?
Submitted: 1 year ago.
Category: Legal
Expert:  Loren replied 1 year ago.

There are capital gains to the extent the sale price exceeds the stepped up basis.

Expert:  Loren replied 1 year ago.

If the property is sold within a short period after inheritance there are generally no gains to report since there is no appreciation within the brief period between the death and sale.

Expert:  Loren replied 1 year ago.

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