First，lifetime gift exemption is same as the estate tax exemption. https://smartasset.com/retirement/lifetime-gift-tax-exemption You have the total $11 mil per person, no matter you give away during your life time or bequest it after death. You just report 709 forms about your gift and when you file estate tax the IRS addes up all your lifetime gifts and deduct them from your estate tax exemption.
Second, don't be stupid. If you gift the house to the child now, the cost basis goes with the gift so your child will pay capital gain tax on the gain from the time YOU bought the house to the time HE sold it. If the house is transfered to your child when you die, the cost basis of the house is reset to the value at your time youf death, and your child pays no capital gain tax if he sells immediately.
If the house has gained a lot of value, it's a good idea to
give your kids the house when you pass away.
Step-up in basis is the adjustment of the cost basis of an inherited asset to its fair market value on the date of the decedent's death. It reduces the capital gains taxes.
产免税额度，填哪个表？先谢了
First，lifetime gift exemption is same as the estate tax exemption. https://smartasset.com/retirement/lifetime-gift-tax-exemption You have the total $11 mil per person, no matter you give away during your life time or bequest it after death. You just report 709 forms about your gift and when you file estate tax the IRS addes up all your lifetime gifts and deduct them from your estate tax exemption.
Second, don't be stupid. If you gift the house to the child now, the cost basis goes with the gift so your child will pay capital gain tax on the gain from the time YOU bought the house to the time HE sold it. If the house is transfered to your child when you die, the cost basis of the house is reset to the value at your time youf death, and your child pays no capital gain tax if he sells immediately.
This is called step-up basis, google it.
give your kids the house when you pass away.
Step-up in basis is the adjustment of the cost basis of an inherited asset to its fair market value on the date of the decedent's death. It reduces the capital gains taxes.
Seems to be complicated. For some reason, my child had partial ownership. The house will be sold in a few years. Thank you for your advice.
我想请教execution detail. need to prepare and educate kids/spouse.
estate tax exemption has portability, 配偶一个人死后用不完另一个配偶可以接着用。
你要是有几米值得焦虑，请你去找律师安排。否则不要担心。
马上把 asset appreciate 多的传给kids。
For an instance, I don't like some rentals I have and not good time to sell because of capital gain.
Could be same issues with some stocks (For an instance NVDA).
I googled step up basis. Some people use market valve at time of death but 6 month afterwards is also allowed.
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