[WSBARP] Capital gains and probate

[Jim Doran]

Thank you.  That's what I thought.  It isn't a bad idea to revisit these
basics once in a while.  than k you.

Jim

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


On Fri, Jan 10, 2020 at 10:57 AM Julie Martiniello <julie at dimensionlaw.com>
wrote:

> The step up in basis occurs at the death of the owner automatically,
> regardless of whether the property is transferred, sold, or never touched.
> I require the PR to get an appraisal or BPO on the property as soon as
> possible after death, unless they are listing it for sale right away. This
> establishes the date of death value and gives you the market value (new
> basis). The accountant will be thankful for the appraisal when the property
> is eventually sold. Whether the property is sold from the estate or from
> the heir after it is transferred to him does not affect the basis. At least
> this is my understanding and that of my CPA.  So in short, I think you are
> correct!
>
> On Fri, Jan 10, 2020 at 10:29 AM Jim Doran <jim at doranlegal.com> wrote:
>
>> 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
>> ***Disclaimer: Please note that RPPT listserv participation is not
>> restricted to practicing attorneys and may include non-practicing
>> attorneys, law students, professionals working in related fields, and
>> others.***
>>
>> _______________________________________________
>> WSBARP mailing list
>> WSBARP at lists.wsbarppt.com
>> http://mailman.fsr.com/mailman/listinfo/wsbarp
>
>
>
> --
> Respectfully,
>
> JULIE A. MARTINIELLO | PARTNER | DIMENSION LAW GROUP PLLC
> 130 Andover Park East, Suite 300 | Tukwila, WA 98188
> t: *206.973.3500 *| f: *206.577.5090*| e: JULIE*@dimensionlaw.com*|
> www.dimensionlaw.com
>
>
> PRIVILEGED AND CONFIDENTIAL:  This e-mail (including any attachments) is
> intended only for the use of the individual or entity named above and may
> contain privileged or confidential information. If you are not the intended
> recipient, or the employee or agent responsible to deliver it to the
> intended recipient, you are notified that any review, dissemination,
> distribution or copying of this e-mail is prohibited. If you have received
> this e-mail in error, please immediately notify us by e-mail, facsimile, or
> telephone; return the e-mail to us at the e-mail address below; and destroy
> all paper and electronic copies.
>
> PRIVILEGED AND CONFIDENTIAL:  This e-mail (including any attachments) is
> intended only for the use of the individual or entity named above and may
> contain privileged or confidential information. If you are not the intended
> recipient, or the employee or agent responsible to deliver it to the
> intended recipient, you are notified that any review, dissemination,
> distribution or copying of this e-mail is prohibited. Attempts to intercept
> this message are in violation of 18 USC 2511(1) of the Electronic
> Communications Privacy Act, which subjects the interceptor to fines,
> imprisonment and/or civil damages. If you have received this e-mail in
> error, please immediately notify us by e-mail, facsimile, or telephone;
> return the e-mail to us at the e-mail address below; and destroy all paper
> and electronic copies. Any settlement offer contained herein is made
> pursuant to Washington ER 408, and without admitting fault or liability on
> the part of this firm’s client(s) or its agents.  IRS CIRCULAR 230
> DISCLAIMER:  To ensure compliance with requirements imposed by the IRS, I
> inform you that any U.S. tax advice contained in this communication
> (including any attachments) is not intended or written to be used, and
> cannot be used, for the purpose of (i) avoiding penalties under the
> Internal Revenue Code; or (ii) promoting, marketing or recommending to
> another party any transaction or tax-related matter addressed herein.
> ***Disclaimer: Please note that RPPT listserv participation is not
> restricted to practicing attorneys and may include non-practicing
> attorneys, law students, professionals working in related fields, and
> others.***
>
> _______________________________________________
> WSBARP mailing list
> WSBARP at lists.wsbarppt.com
> http://mailman.fsr.com/mailman/listinfo/wsbarp
-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://mailman.fsr.com/pipermail/wsbarp/attachments/20200110/cd0e1ff0/attachment.html>