[WSBAPT] House

[Marcus Fry]

The step up in tax basis occurred at death, so can deed house and close
estate.  

 

Marcus J. Fry

Lyon, Weigand & Gustafson, P.S. 
Adoption Attorney*

P.O. Box 1689 
Yakima, Washington  98907 
Telephone:  (509) 248-7220 
Facsimile:  (509) 575-1883 

 

NOTICES:

 *Adoption Attorney reflects election as a Fellow of the American Academy
of Adoption Attorneys, an invitation based organization of 300+ attorneys
nationwide, under its criteria of experience, ethics and peer
recommendation. Washington's Supreme Court has not yet developed or
recognized a credentialing process for specialties, and
certification/fellowship is not required to practice law in this state.

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From: wsbapt-owner at lists.wsbarppt.com
[mailto:wsbapt-owner at lists.wsbarppt.com] On Behalf Of John McCrady
Sent: Wednesday, April 09, 2014 9:24 AM
To: WSBA RPPT Probate & Trust Discussion Forum
Subject: [WSBAPT] House

 

A basic question, I hope:

 

A friend’s mother recently passed away.  My friend has been appointed PR
with non-intervention powers.  He is sole heir, and the main asset of the
estate is her house, worth about $150,000.

He questions whether he should:

1 )Convey the property to himself, and then sell the house when he is
ready to do so, or

 

2) Sell the property as PR.

 

Is there a capital gains advantage, or any other advantage, going one way
or the other?

 

Any guidance I can get would be appreciated.

 

 

John McCrady

Counsel

Puget Sound Title Company

5350 Orchard Street West

University Place WA 98466

253-476-5721

 

 

 

 

 

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