Quote:
Originally Posted by MTI
Inheritance tax is a card in Monopoly . . . the Federal Estate Tax is a tax on the estate, not the beneficiary.
However, in theory, your wife will have to deal with capital gains, since her acquisition basis (cost) was zero. There are numerous exemptions and reductions of the CGT, so check with a tax expert.
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Capital Gains taxes YES.
But her cost basis is the value on the day her father died, that is the date 'she' acquired it.
Get an appraisal now to help establish that.
Talk to a tax accountant or attorney.