However, the saving grace is that a couple of years ago, Philadelphia implemented an exemption on a floor amount of gross receipt.Ultimately there could be no tax, but it is work to get there on the City reporting side.Dont know if you noted, but the gentleman who posted this lives a good hour to the east of Philly, so if he self manages, hes not just going to spend tolls, but gas too, and while $5 isnt a lot of money to pay once, multiple trips add up, especially in c ombination witih gas, which just went up 23 cents a gallon in NJ on November 1.

In a perfect world, we'd depreciate everything down to zero, pass it on to our kids at death, and let them do it all over again, with the stepped-up basis they inherit.  

It's junk: https://www.biggerpockets.com/renewsblog/2015/05/06/2rule-die-horrible-death/

First, LLC don't have shares, they have membership interest.Second, your heirs get the step up basis at the time of your death, you just need to have proper documentation or appraisal to show the current value of your LLC at that time.Third, even with shares of corporation you get the step up basis (like your brokerage account).But anything transferred before your death, LLC or not does not get step up basis.

posting this q for my mom as when she just called an asked what i was doing at the moment i explained i found this awesome site where time seems to flyyy by =D and she said why dont u ask for me an RE q..when my brother (a single never married airforce veteran) died a year and half ago, he left behind a simple will that passed his only asset - his home in DC secured by a VA loan - onto my mom who is married to my dad.my mom wants to add her hubby and me to the deed which currently has some sort of document in the Prince William County courthouse that her attorney at the time filed for her  with the deed of record, illustrating that title was passed from my bro per his death to my mom via will then probate.interestingly enuf, when we asked the attorney for a deed in her name for the VA mortgage, the lawyer explained it would cost more for the Court to print a new deed so the document filed showing that title passed to my mom is essentially the same as the deed being recorded now as in her name.anyways it turned out to be okay since when my mom contacted US Bank the mortgage issuer/holder they accepted whatever doc attorney faxed over to them (We did not see) and assigned the mortgage over to my mom without requesting any docs like tax return, income, etc and now the mortgage is in my moms name which is all fine and good except now my mom says she wants to add me and my dad to the deed/title and was wondering the easiest or most affordable way to do so without paying transfer tax or anything like that.also are there any options when adding family to deed, i mean is joint tenancy feasible despite disunity of time?

Upon death of the surviving spouse, the death certificates of both spouses are among the things the personal rep / executor / estate administrator will have to show the title company at the sale of the real estate.

The key is staying just inside of the line of death benefit vs investment account.

I've done so several times when a tenant was under circumstances beyond thier control, like moving out of state due to a death in the family.

I might not be making much, but I'm not going to bleed to death.  

In joint tenancy upon death of one of the partners the surviving partner would retain 100% ownership.