Legal Question in Wills and Trusts in Florida
I want to take advantage of keeping the cost basis of property when it was bought to heir over to children. Normally I would want the step up in cost basis, but in this unusual housing market the value of the home has depreciated to the point that I want to take advantage of using the loss for my heirs to offset other investment tax gains of theirs.
What method can be used i.e.Quit Claim Deed?
Asked on 1/01/11, 5:14 am
1 Answer from Attorneys
Frank J. Pyle
Probate Attorney Throughout Florida
A quit-claim deed or a warranty deed would be the way to transfer your cost basis to them. However, they would need to contact a tax advisor to determine whether they would be able to offset other capital gains or not. Normally they would only be able to use investment property losses in that manner.
Answered on 1/07/11, 12:29 pm
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