Tax Law (Questions About Taxes)/Tax on capital gains


I own  my own separate  rental real estate property. The payments are done with the property rent income and not with community funds. The loan and title are in my name only. My wife  had to quitclaim when I first purchased the property many years ago. The property was also included in my Chapter 7 I did alone in 2011. It was discharged in 2012. And I got a loan modification on it in 2014.

If the worse something happens to me one day and I'm no longer around, will my wife be responsible for any capital gains and past depreciation taken on the rental property?

way beyond the scope of a free question on a chat board. seriously

but ya. she should be able to avoid much of the difficulty associated with this, If you die. but there is like 1000 other questions and variables which could change all that.  

so, before you jump off a bridge, make sure you chat with a local tax planning representative you trust.

generally, you can leave her up to 5m of property which will transfer to her tax free with your carry over basis.  (not applied to IRA and other qualified plans).  but you should be good. but enough bouncing balls you want to be sure.  especially if more than a few bucks.



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Tax and general business including hospitality related (hotel mgmt degree and experience in industry prior to obtaining ms tax and cpa).


19 years cpa. ms tax. NOTE: My discussions are only a general information and do not constitute tax advise without entering into a specific agreement and executing an engagement letter; This free chat is nothing more than general information and should not be construed as tax advice nor does my response or replies imply an agreement to provide client specific advice or other guidance for purposes of avoiding IRS tax or penalties and should not be relied upon without your own validation and confirmation of the how the discussion may fit your facts... Not having all the facts and/or not having a direct client relationship prevents me from providing the most accurate replies as possible and I highly suggest using a local CPA to provide you with written advice and guidance. Taking matters into your own hands is much akin to trying to land an airplane without a license. It is easy to FLY a plane, but LANDING is when critical experience is key. In short, caveat emptor; do your homework and don't just rely on free chat board advice anywhere, anytime.

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