Capital Gains and Losses

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Our mother is setting up her estate/will to sell her

Our mother is setting...

Our mother is setting up her estate/will to sell her property to be divided up between her 4 children equally. She's own the property for 66 years with no debt on it. If she sells for cash how do we avoid Capital gains or taxes

Accountant's Assistant: I love the idea of making big money with investments, but there are so many things that could go wrong. The Accountant will be able to help you. Is there anything else important you think the Accountant should know?

She's 87 and not up on estate planning

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Answered in 6 minutes by:
3/1/2018
Mark Taylor
Mark Taylor, Certified Public Accountant
Category: Capital Gains and Losses
Satisfied Customers: 2,406
Experience: Certified Public Accountant
Verified

Hi, my name is Mark. I will be happy to help you with your questions. Do you know if the value of your Mother's estate is more than $11 million?

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Customer reply replied 1 month ago
It's worth about 1 to 1.3 million
Customer reply replied 1 month ago
no
Customer reply replied 1 month ago
I don't want to switch to a call and pay 52 $
Customer reply replied 1 month ago
You haven't answered my question youv'e only asked me a question

Please ignore the phone call messages. These are coming from the website and not me.

If your mother owns the assets personally then her heirs would receive a step up in basis at the time of her death. This means that the assets would be valued at their fair market value.

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Customer reply replied 1 month ago
lets just say she sell her property for 1 million and my share is $250,000 She's owned it out right for 66 years how much tax do I pay
Customer reply replied 1 month ago
She sells so does she have to pay Capitol gains out of the selling price

Yes, she would need to pay capital gains on the sale. If she sells she would pay between 15-20% on gain at the federal level. Plus she would pay state taxes (if you live in a state with state income tax).

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Customer reply replied 1 month ago
Thank you

It was my pleasure. I was happy to help. If you would take a moment to rate my response I would greatly appreciate it. There should be stars located above the question. If you have additional questions or need clarification I would be happy to continue the conversation.

Mark Taylor
Mark Taylor, Certified Public Accountant
Category: Capital Gains and Losses
Satisfied Customers: 2,406
Experience: Certified Public Accountant
Verified
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Mark Taylor
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Category: Capital Gains and Losses
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