Legal Question in Wills and Trusts in California
If I am getting a gift of real property in a will from someone not related to me, what are my tax consequences in 2010. Assume property is worth 500K
Asked on 5/17/10, 9:06 pm
1 Answer from Attorneys
Michele Cusack
Pollak & Cusack
If the property is in California, it will be reassessed for the purposes of property taxes. If you sell the property, you may have to pay capital gains tax, but it depends on the size of the estate and how the limited step up in basis is allocated by the executor of the estate.
Answered on 5/23/10, 12:10 pm
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
