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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Road Walker who wrote (1863)2/23/2002 9:15:28 AM
From: Steve LeeRead Replies (1) | Respond to of 306849
 
Interesting. In my country the difference between purchase/inheritance price and selling price is a capital gain or loss. It can only be offset against other capital gains/losses, not against income.

But a low selling price close to time of inheritance can get the inheritance value adjusted down, which will reduce inheritance tax. Normally though, on the properties I have bought, inheritance tax isn't an issue cos u r allowed to inherit a sum well into the six figures (I think it is £185.000) before paying any taxes on the remainder above that amount.



To: Road Walker who wrote (1863)2/23/2002 7:13:01 PM
From: David JonesRead Replies (1) | Respond to of 306849
 
"If the heirs sell the property at an amount less than the assessed value, the difference can be used as a tax credit"

Not to dispute this "I've had no experience with inheritance" but for discussion doesn't it sound like there's a lot of room here for fraud? I would think the IRS would be interested in the actual proceeds?
There's a lot of room for shenanigans when it comes to appraisals. I have seen and heard a thing or two.


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