Inherited Property Tax Strategies

[Kenyon Williams]

Hello Fellow Bigger Pockets Members!

I’m wondering what are some of the tax avenues as far as inherited property from family?

TOD (Transfer on Death) Deed; Gift Deed; Tax Basis;etc

What are some of the best strategies?

[Eamonn McElroy]

What are some of the best strategies?

There's no one-size-fits-all blanket strategy that's best.

The best strategy will be tailor fitted to the individual.  We usually consider the size of the individual's estate and goals/wishes to come up with a estate and gifting plan.  Sometimes it's best to inherit the property to receive a step-up in basis.  Sometimes it's best to transfer assets before death if there's estate tax exposure or some other planning contingency (medicare planning for example).