Buying a Minneapolis home - 06/12/12 06:40 AM
 
 
 
Gift or Inherit  
Transferring the title of a home from one person to another may seem simple but it could have a significant tax implication.
 
 
When a person inherits property, the basis is "stepped-up" to fair market value at the time of the decedent's death. On the other hand, a gift has a carry-over basis which means that the recipient receives the unrealized gain also.
 
As an example, let's say an elderly parent, in an attempt to get their affairs in order, gives their home to their adult child. The rationale might be that … (0 comments)

 
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John Mazzara CFP CLU CHFC CEBS MBA MS CMB

Edina, MN

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Address: 7300 France Ave S #410, Edina, MN, 55435

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Information about minnesota real estate, twin cities real estate market, the twin cities, twin cities relocation, and other things that might be fun or of interest. Articles will be posted that describe the real estate and mortgage markets and provide useful information to first time buyers, move up buyers, and investment property buyers. http://www.MinneapolisStPaulHomes.com or http://www.MinnesotaRealEstateBrokerBlog.com NMLS-John Mazzara #332556 NMLS Venture Development #373115


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