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Richard, Tax Attorney
Category: Capital Gains and Losses
Satisfied Customers: 55302
Experience:  29 years of experience as a tax, real estate, and business attorney.
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In my will, I have left my principle residence to my Son.

Customer Question

In my will, I have left my principle residence to my Son. When I pass, will this trigger
a capital gain against my estate?
Submitted: 1 year ago.
Category: Capital Gains and Losses
Expert:  Richard replied 1 year ago.
Good afternoon. My name is ***** ***** I look forward to helping you. It will not. At your death, the basis of the property automatically gets adjusted to its fair market value. So, if your son later sells it at that fair market value, there will be no gain and thus no tax. Leaving it to him in your will is an inheritance; it is not a sale and does not result in any income tax consequences to you or your estate. Thank you so much for allowing me to help you with your questions. I have done my best to provide information which fully addresses your question. If you have any follow up questions, please ask! If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service as OK, Good or Excellent (hopefully Good or Excellent). Otherwise, I receive no credit for assisting you today. I thank you in advance for taking the time to provide me a positive rating!