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Boca Raton Waterfront Luxury Homes

  • Bel Lido
  • Bel Marra
  • Byrd Beach
  • Boca Bay Colony
  • Boca Harbor
  • Boca Keys
  • Caribbean Keys
  • Estates Spanish River Land
  • Golden Harbor
  • Grand Cay
  • Harbor East
  • Kinney & Gates
  • Lago Mar
  • Lake Boca Raton
  • Lake Rogers
  • Por La Mar
  • Royal Palm Yacht & Country Club
  • Spanish River Land
  • Sun & Surf
  • The Estates
  • The Sanctuary
  • Walkers Cay Tropic
  • Walkers Isle

Highland Beach Oceanfront Condos

  • Ambassadors North
  • Ambassadors South
  • Beach Walk
  • Carlton House
  • Clarendon
  • Highlands Place
  • Highland Towers
  • Ocean Dunes
  • Ocean Pines
  • Ocean Terrace
  • Parker Highland
  • Penthouse Towers
  • Townhouses of Highland
  • Trafalgar Highland Beach
  • Villa Magna
  • Villa Mare
  • Villa Nova
  • Villas of Highland Beach
  • Wiltshire House

    • Boca Raton Intracoastal Condos

    Boca Raton
    • Admirals Walk
    • Berkeley Square
    • Boca Beach Apts
    • Boca Inlet
    • Boca Reef
    • Boca Towers
    • Carlton
    • Corniche
    • Esplanade
    • Greenbriar
    • La Font
    • La Fontana
    • Lake House South
    • MayFair
    • Meridian
    • Newth Gardens
    • Ocean Club
    • Patrician
    • Reflections
    • San Remo
    • Sea Ranch
    • Tierra Del Mar
    • Yacht & Racquet Club

    Highland Beach Intracoastal Condos

    Highland Beach
    • Aberdeen Arms
    • Bel Lido Estates Condo
    • Boca Cove
    • Braemar Isle
    • Camelot On Atlantic
    • Carron House
    • Casa Marina
    • Casuarina
    • Coronado
    • Dalton Place
    • El Dorado Condo
    • Highland Beach Club
    • Highland Court
    • Monterey House
    • Penthouse Highlands
    • Regency Highland
    • Seagate Highland Condo
    • Toscana
    • Villa Costa

    Boca Raton New Construction

    Homes:

  • Azura
  • The Oaks At Boca Raton
  • The Preserve

    Townhomes:

  • Central Park
  • Fairfield Gardens
  • Royal Poinciana
  • Royal Woods
  • Trieste
  • Tuscany Village
  • Vistazo at Boca Raton
    Condos:
  • 200 East
  • 5 Palms
  • Boca Grand Condo
  • Coronado At Boca Raton
  • Excelsior
  • Luxuria
  • Meridian
  • Palmetto Place
  • Townsend Place
    		•
    inheriting a house Print E-mail

    What are the rules on capital gains when inheriting a house?

    When children inherit a home, the Internal Revenue Service determines their basis in the property on the date of the owner's death. The cost basis is not the amount the owner originally paid for the house, but the property's fair-market value on the date of the parent's death.
    Cost basis is a tax term for the dollar amount assigned to a property at the time it is acquired, for the purpose of determining gain or loss when it is sold.
    For example, one of the three siblings sold his or her share of a property to be divided equally, he or she must pay capital gains tax for whatever profit made over one-third of the new basis.
    Other tax consequences include estate taxes. However, the estate must total $675,000 or more for tax year 2001 before tax issues become a concern. The IRS allow residents to pass on property, cash and other assets worth up to a total of $675,000 for tax year 2001 before charging the heirs any taxes. This figure will rise each year for the next several years.
    Regarding the transfer of ownership, quit-claim deeds often are used between family members in situations such as this when an heir is buying out the other. All parties must be agreeable to dropping a name from the title. For more information, consult the IRS's Publication 448, "Federal Estate and Gift Taxes." Order by calling 1-800-TAX-FORM.


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