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Every Thing Else Board
Estate Taxes
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<blockquote data-quote="norriscathy" data-source="post: 179100" data-attributes="member: 2961"><p>It makes no difference how much tax the decedent paid during his life. The Estate tax is totally separate from income tax and is based on the Fair Market value of assets at date of death. The best Estate plan is to die before 2010 while the law is still in its "temporary repeal stage". If you think Congress will make the repeal permenant after 2010, then there is no tax to worry about!</p><p></p><p>Your question about "updated basis" is the most ignored and most beneficial point to consider when inheriting property. If you have 200 cows with a valve of $1,000 that you inherited from your uncle; your tax basis in those animals is $200,000. Yes; even though your uncle probably had already depreciated those cows down to "0" or raised them with no tax basis; you can start depreciating them all over again at the same FMV on date of death that they were included in his estate at. Doesn't matter if an Estate tax retun was filed or not; your tax cost in inherited property is FMV at date of death.</p></blockquote><p></p>
[QUOTE="norriscathy, post: 179100, member: 2961"] It makes no difference how much tax the decedent paid during his life. The Estate tax is totally separate from income tax and is based on the Fair Market value of assets at date of death. The best Estate plan is to die before 2010 while the law is still in its "temporary repeal stage". If you think Congress will make the repeal permenant after 2010, then there is no tax to worry about! Your question about "updated basis" is the most ignored and most beneficial point to consider when inheriting property. If you have 200 cows with a valve of $1,000 that you inherited from your uncle; your tax basis in those animals is $200,000. Yes; even though your uncle probably had already depreciated those cows down to "0" or raised them with no tax basis; you can start depreciating them all over again at the same FMV on date of death that they were included in his estate at. Doesn't matter if an Estate tax retun was filed or not; your tax cost in inherited property is FMV at date of death. [/QUOTE]
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