Retirement - Now what? Message Board

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Strategies & Market Trends : Retirement - Now what?

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To: Nazbuster who wrote (118)	5/10/2005 11:46:51 PM
From: Drygulch Dan	Read Replies (1) of 288

I'm confused with your issues here. Your professional appraisal either was valid and based on comparables or he can be censured by his/her approving board (at least here in CA) and possibly sued. In any case, if it appraised at $800K on date of death and sold at $975K, you had long term (due to inheritance) gains of $175K to pay cap gain taxes upon based on the stepped up basis. Here in CA they grab some at the point of sale now. So whether you pay it based on death date appraisal in the 706 tax, or at the point of sale you are paying quite a pile of taxes in either case. One goes to the Feds (but is shared with the state). The other gets reported to both and taxed by both. The only difference is the slightly lower cap gain rate compared with estate tax rate. What was the death tax exemption level in Nov 2002? Our mom died in Jan 2003, bless her soul.

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