retire to nature
Recycles dryer sheets
- Joined
- Aug 10, 2018
- Messages
- 383
Hi,
I am getting a lot of helpful information in depth in this site. I really enjoy and appreciate.
Since I get inherited rental properties, many informed me about step up basis.
My sister was flipper and she bought most of it half priced and doubled up in value.
One of lawyer said about the step up basis.
Step-up basis for inventory for the probated can be used just government record number. Or if step up basis is higher than the appraisal number, it will save my capital gain tax later.
I understood this part.
But I am confused that he mentioned if asked the agent to make number high, it is more beneficial.
So if step up number is higher, is it gonna affect the property tax increase??
Also, does she need to pay capital gain tax thru the probate too? I was not aware of this and could be concern. because she made good increase in value. One example, she bought a house $30000. now worth about $250000.
I am getting all hers alone, so which way I would save more money? If I keep those properties about 5 to 10 year?
MO capital gain tax rate is 6% per google.
Thank you for replies in advance.
I am getting a lot of helpful information in depth in this site. I really enjoy and appreciate.
Since I get inherited rental properties, many informed me about step up basis.
My sister was flipper and she bought most of it half priced and doubled up in value.
One of lawyer said about the step up basis.
Step-up basis for inventory for the probated can be used just government record number. Or if step up basis is higher than the appraisal number, it will save my capital gain tax later.
I understood this part.
But I am confused that he mentioned if asked the agent to make number high, it is more beneficial.
So if step up number is higher, is it gonna affect the property tax increase??
Also, does she need to pay capital gain tax thru the probate too? I was not aware of this and could be concern. because she made good increase in value. One example, she bought a house $30000. now worth about $250000.
I am getting all hers alone, so which way I would save more money? If I keep those properties about 5 to 10 year?
MO capital gain tax rate is 6% per google.
Thank you for replies in advance.
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