[WSBARP] Capital gains and probate

[Jim Doran]

Listees:

A typical scenario.  Homeowner dies and has no Will.  There is only one
heir, so no problem there.  The question is about capital gains.  It is
easiest to leave the real property in the estate under the decedent's name
until it sells and then have the Personal Representative issue a deed to
the buyer.  However, the very savvy heir has asked me this question.  Does
the stepped-up basis occur if we hold the property in the estate for sale
or do we need to transfer the property to the heir and then have her sell
it?

I think the stepped-up basis occurs either way, but I am not sure.  Help.

Jim Doran

James R. Doran
Attorney at Law
100 E. Pine Street -  Suite 205
Bellingham, WA 98225
(360)393-9506
jim at doranlegal.com
www.doranlegal.com
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