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

To: John Chen who wrote (83957)8/8/2007 12:42:35 PM
From: Travis_BickleRead Replies (2) | Respond to of 306849
 
With a lifetime gift it is the donor's cost basis; with a gift taking effect at death it is the fair market value on the date of death; however with respect to the latter, when the estate tax (supposedly) disappears in 2010 we will lose that income tax benefit, and your basis on a gift taking effect at death will also be the donor's cost basis.

So for the moment if you have aged parents it is better if they live it to you in their will than give it to you now.



To: John Chen who wrote (83957)8/8/2007 12:45:14 PM
From: TradeliteRead Replies (1) | Respond to of 306849
 
Sorry, John, not a tax expert. Know just enough to get by, know how to get around the IRS website, and know the name of a good accountant when things get murky.


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