Better change this video. The IRS is now changing the rules on the basis for trusts. While a trust may still be better, it appears the governments intention is to grab more tax revenue.
Its worth mentioning trusts are taxed differently in other countries. Lots of countries have clamped down HARD on any vehicle that avoids inheritance tax.
@@ronc9413 pro trick, get it appraised at 140% then sell it at 120% and claim the loss as a deduction (im straight guessing, is this even how taxes work?)
Taxes were paid when the father bought the house.. in all reality when the child was gifted it and then has to pay taxes it should be double taxation! The fact that they can retax everything that's been paid for when someone dies is atrocious and just a government collection plate.. The fact somebody would be for this is appalling.
@@gailwagner8115 How is having to pay gift tax any different than paying taxes when you get paid, buy something,, win the lottery, etc. The government levies a tax whenever something changes “hands”. Like when a company buys raw materials or parts, they pay a sales tax. The customer gets charge a sales tax when they buy the finished products. The employees pay an income tax when they receive their paycheck. They also pay income tax if they sell stock options. Pay capital gains tax on investment profits. So paying a gift tax and/or inheritance tax is no different. It’s income for the person inheriting property and/or money. The “trick” with managing your estate is “how to structure your estate to minimize taxes for your heirs”.
This is definitely going to be a tone deaf buzzfeed article later. “How I sold a house for a million dollars and you can too!” Buried in paragraph seven “I was given a house”
I saw one about getting a free house. It was actually a free old house they had to move, which cost them like 40k, and they had put 60k into renovation to make it livable, not finished.
To me it’s more like “our father bought 2 houses for us as presents and we could live next to each other like neighbours. Also it’s the last thing he gave to me before suddenly kicking the bucket,meh Il sell it.”
The emotional level doesn’t matter. It’s still capital. Being rich is more dependent on how rich you parents are, than how much you work or do for society.
@@fuwahaschi Owning a house is valuable in itself. Selling it isn't going to make you richer, only poorer - inflation, increased housing prices, possible rent income. (in most cases)
@@nihilisthuman6784 sure, I should be sorry for the rich people who get property for free from their parents. Such a burden! And imagine you got to be a landlord these day in N.Y.C, oh no, so much work, and the nice apartment gets dirty. I get why they let it be empty and just use it as speculative capital. First the burden to be rich, bc your parents are rich. Than the burden of property. Uff.
You’d save on not having to pay the mortgage and not paying rent, you could even rent a dirt cheap apartment and rent out the house for more than you spend on the apartment
The house for a gift is really nice but if the property tax is sky high then your better off selling and using that to buy a house with less property taxs
This rule affects anything that appreciated in value, not just real estate. So collectibles (think baseball cards), art, classic cars, and stuff like that can be passed down without a surprise tax. If your family has ANYTHING that can appreciate in value and they want to pass it down to their kids, it's a good idea to keep this tax rule in mind. (ofc this implies you wouldn't mind your heirs selling the item).
FYI, the trust is not required for this. If the father passed the house to the son in his will, the son would also get the stepped-up basis, although it would still have to go through probate.
Well using a Living Trust will allow you to receive the house without having to go through probate. Going through probate can take up to 2 years sometimes
@@jummysands1986 yep and if your parents are in any type of debt and it's still in their name when they pass, collection agencies will try their best to snatch anything from you that you inherit for collateral. But under a living trust they can't touch you because technically now the person that died owns nothing and there's nothing to collect for the banks
IF you live in a area that has transfer on death deed or title you can have these on your house car and bank account and then once you die everything will be transfer and no probate court.
Lol depends on location and time set of this video. Despite the recession my area’s housing is still booming due to Apple planning to move its HQ here.
my father always said to not sell the only house you own....bc there was a time they swept dollars on the street...but i ve never seen house keys being worthless.... if you don t have to...don t sell the property you own if you don t have anywhere to go after it
Or in the case of the first brother just purchase a property in the same year of equal or greater value and you won't have to pay the CG. It's a like kind exchange (Sec 1031)
And the home has equity you can borrow against to make other investments to earn income, start a business or just pay for living expenses at an interest rate that even now is well below the cost of any other way you could borrow money...
This only happens in Murica, I've lived in 4 European Countries made friends and there is no way to escape paying taxes. This is why 'Murica has the healthcare system that they have, also the way they tax the rich is fucked up.
@@Teksers you are quite mistaken. It's very easy to avoid paying taxes if you have an income that's largely stock based rather than salary. So any medium to high level manager at European companies can do this. There is a reason Ireland is the world's largest tax haven. And guess where Ireland is? Europe!
@@Joostmhw Listen here, you do not pay tax on bonds and stock untill you convert them in cash. You can not be taxed on something that is not cash. you need the physical money. When you convert them into actual money then you are taxed untill then it's profit or loss not confirmed.
@@Joostmhw Don't the Dutch still have that tax on imputed unrealized capital gain? Tell us everything you own, we'll assume it grows at 4% and take ' income tax' on that. But, regardless. The life lesson is: avoid starvation by getting as wealthy and far from taxation as you can.
In Canada, there's a thing called a "deemed disposition" upon gifting or inheritance of assets. You have to pay capital gains taxes on the gift when you receive it, but the basis also gets automatically stepped up. The fact that the US lets people step up the cost basis without paying taxes on the step-up is one of the few loopholes making the system backward and favouring the rich.
If you think paying more unnecessary taxes is good for anyone, you're an idiot. Poor people just need to learn better tax strategies. It really isn't that hard
@@MachPotato i don't think you understand how wills work. You're essentially writing on a paper that after you die your house should go to your kids. But, when you die, your property is instantly the state's property, the fact that they are honouring wills is unnatural in itself
@@MachPotato but why is it inherently wrong? Its not as if you actually earn your inherentence. I will probably gain a decent amount of wealth when my parents pass as the sole surviving child, but if an inheritance tax were say put into ensuring adequate social housing etc so nobody is left behind I'd actually be quite ok with that.
My dad passed away and I got 30k in an IRA. I rolled it into my own IRA. It is still listed under his name as an inheritance account and unlike a traditional IRA I do not get his with a 10% penalty for early withdrawal. That means you can let it generate MUCH more interest than say a savings account and still be able to withdraw money whenever you want. That $30k took 8 years for me to spend and netted me double that do to interest.
Yep. Rent it out 4yrs and they'll make probably 1.5-2mill each and buy a couple more houses and do the same. Just depends on area they're in and the market for rent
What ungrateful kids. Their father bought them each a what-is-now a million dollar house, and instead of cherishing the gift , instead of being grateful their father didn't want them to worry about about housing, predatory loans, or homelessness, they instead decide to sell the place. Some people care only about money and it's so sad.
Agreed the rent from such a property in a high cost of living city would be a lot and pure profit and in the meanwhile for few months all you are paying property tax and minimal utilities.
@@asadb1990 you’re forgetting that the house is worth $1 million. Even if it rented for $5,000 a month that still takes over 16 years to pay off. Now if you sold it for $1 million and invested that money earning 4%, you would have $1.87 million dollars while the renter would have just broke even on the houses value.
@@asukach.1280 I’m talking about collecting as much rent as you would get cash for selling it outright. If he sold it for $100k that would be a massive loss of value.
Wow, the hoops you yanks have to jump through to deal with all the tax is crazy. There's no capital gains tax where i live, so i can just do whatever I want.
This is why we need a 100% estate tax/inheritance tax on all wealth above a certain value. While we are at it, we should place a 100% wealth tax on wealth over $900 million, so that we literally tax billionaires out of existence and place an upper limit on personal wealth.
The guy who sold it asap paid 180k on capital gains. If there was even a year between his dad giving it and dying, the that brother earned more if he invested it all. Opportunity costs matter.
Love this channel. Learning more every day. The only issue is I saw this format so it's kinda obvious which option to pick it's always the option that is long-term.
There are basically no losing strategies in the game of Wealth. If you're rich enough that any of this applies to you, then its only a question of whether you win or win more.
This might be different because I'm in the UK, but the difference is the time, trust has to be 7 years old when the original settlor dies to avoid the tax
As for as i remember here in India, the cost of acquisition stays the same as the previous owner if you get it through Gift/inheritance/through trusts/will/succession etc You'll get the benefit of indexation but there will be cap gains if the property is sold
Third option rather then selling it since you clearly already own a home before gaining the new one either rent it out or airbnb it turn it into an overall passive income a house valued at a million would definitely be eligible for a strong rent minimum
If he gifted it to you he would have had to pay the taxes himself or filed against his estate exclusion amount. Either way your basis would still be $1 million or whatever the house was worth at the time you received it.
Freebies here: bit.ly/johnsfinancetips
Ok bro
Muahaha
Better change this video. The IRS is now changing the rules on the basis for trusts. While a trust may still be better, it appears the governments intention is to grab more tax revenue.
Obviously you dont understand how probate law works!!!
I don't understand the United States tax system😂
FYI: Put your assets in a Living Trust and your trust beneficiaries will own the assets immediately without probate when you die.
Yes, it costs a few grand, but it’s worth it. I would only do it if you have anything valuable (a couple hundred thousand in a house or something).
Its worth mentioning trusts are taxed differently in other countries. Lots of countries have clamped down HARD on any vehicle that avoids inheritance tax.
Yes,the FYI.
@@RealGalaxyGamers ⁷⁰0p
what the fuck does any of this crap mean? what is stepped up basis.
A real brother would have told him that beforehand..
Bro I'm like 90% sure he killed the dad, I mean no matter how much you hate your brother you don't do some bullshit like that.
Fr
@@degenerate_mercenary9898what he do?
@Ryan I’ll assume he did some devious shit and I won’t call you a dick
@Ryan nah bro You are just a bad man
The police should really investigate the second son because those circumstances are devious af
Cost basis when selling house received after parents passing is appraised value at time of parents’ death (not when originally purchased).
A rich person died they’re definitely investigating
@@ronc9413 pro trick, get it appraised at 140% then sell it at 120% and claim the loss as a deduction (im straight guessing, is this even how taxes work?)
Taxes were paid when the father bought the house.. in all reality when the child was gifted it and then has to pay taxes it should be double taxation! The fact that they can retax everything that's been paid for when someone dies is atrocious and just a government collection plate.. The fact somebody would be for this is appalling.
@@gailwagner8115 How is having to pay gift tax any different than paying taxes when you get paid, buy something,, win the lottery, etc. The government levies a tax whenever something changes “hands”. Like when a company buys raw materials or parts, they pay a sales tax. The customer gets charge a sales tax when they buy the finished products. The employees pay an income tax when they receive their paycheck. They also pay income tax if they sell stock options. Pay capital gains tax on investment profits.
So paying a gift tax and/or inheritance tax is no different. It’s income for the person inheriting property and/or money. The “trick” with managing your estate is “how to structure your estate to minimize taxes for your heirs”.
This is definitely going to be a tone deaf buzzfeed article later. “How I sold a house for a million dollars and you can too!” Buried in paragraph seven “I was given a house”
Is buzzfeed even still around??
Bucko one of the only good things to happen in the last few years is the death of buzzfeed
@@chaoticdetectivepeach going out of business
I saw one about getting a free house. It was actually a free old house they had to move, which cost them like 40k, and they had put 60k into renovation to make it livable, not finished.
So true 😂😂😂
To me it’s more like “our father bought 2 houses for us as presents and we could live next to each other like neighbours. Also it’s the last thing he gave to me before suddenly kicking the bucket,meh Il sell it.”
The emotional level doesn’t matter. It’s still capital. Being rich is more dependent on how rich you parents are, than how much you work or do for society.
@@fuwahaschi Owning a house is valuable in itself. Selling it isn't going to make you richer, only poorer - inflation, increased housing prices, possible rent income. (in most cases)
@@nihilisthuman6784 sure, I should be sorry for the rich people who get property for free from their parents. Such a burden! And imagine you got to be a landlord these day in N.Y.C, oh no, so much work, and the nice apartment gets dirty. I get why they let it be empty and just use it as speculative capital. First the burden to be rich, bc your parents are rich. Than the burden of property. Uff.
@Mayjama Simsala oh, so you are proposing that nobody should inherit?
@@sarahisatitagain haha, no I don’t
Aww man, our dad died.
Anyway, you know those presents he gave us?
Basically
992 likes and no replies, let me fix that
Lesson learned: just live in the damned house
You’d save on not having to pay the mortgage and not paying rent, you could even rent a dirt cheap apartment and rent out the house for more than you spend on the apartment
Yea
@@Theproclaimed or you can live in a nice house you had to spend 0$ for
The house for a gift is really nice but if the property tax is sky high then your better off selling and using that to buy a house with less property taxs
@@PhantomWorksStudios Rent out a room for the cost of taxes.
This is really useful for the million dollar house im definitely gonna inherit
Damn
This rule affects anything that appreciated in value, not just real estate. So collectibles (think baseball cards), art, classic cars, and stuff like that can be passed down without a surprise tax. If your family has ANYTHING that can appreciate in value and they want to pass it down to their kids, it's a good idea to keep this tax rule in mind. (ofc this implies you wouldn't mind your heirs selling the item).
It also explains how the rich get out of taxes.
FYI, the trust is not required for this. If the father passed the house to the son in his will, the son would also get the stepped-up basis, although it would still have to go through probate.
Well using a Living Trust will allow you to receive the house without having to go through probate. Going through probate can take up to 2 years sometimes
@@jummysands1986 yep and if your parents are in any type of debt and it's still in their name when they pass, collection agencies will try their best to snatch anything from you that you inherit for collateral. But under a living trust they can't touch you because technically now the person that died owns nothing and there's nothing to collect for the banks
@@jummysands1986 presumably,you have waited decades for your parents to die anyway, two years isn't really a lot in comparison
IF you live in a area that has transfer on death deed or title you can have these on your house car and bank account and then once you die everything will be transfer and no probate court.
In community property states, I believe you can get stepped up basis on jointly held property. No trust or probate required.
The third child with a brain: “ I kept the house because the housing market is Shi-“
@adminnni SCCCCAAMMMMM ALLLLLEEERRRRTTTT
Lol depends on location and time set of this video. Despite the recession my area’s housing is still booming due to Apple planning to move its HQ here.
Not if you know about stuff like property tax😅
Nah, he would rent out each bedroom to different people and make a ton of money on it.
I’ve never heard this explained this way, it’s always presented in such a convoluted way. I really like the way you explained it!
Man's cheekbones look better than his financial tips tbh
Now all I need is to be given a house randomly
I love how this family communicates with each other
Trust tax comes into chat
If the trust has its own tax return, it isn't the kind that can take a strpped-up basis.
my father always said to not sell the only house you own....bc there was a time they swept dollars on the street...but i ve never seen house keys being worthless.... if you don t have to...don t sell the property you own if you don t have anywhere to go after it
“A few months later”😂
“What a shame…” that sounded really suspicious 💀
Being rich is it’s own cheat code 😂😂😂
I’ll keep this in mind for when my dad leaves me a million dollar house
Inheritance tax has entered the chat
Only 6 states in the US has inheritance tax.
@@johnunsicker7440 the US is a strange place
@@johnunsicker7440Good. Respect the Dead's wishes.
Or in the case of the first brother just purchase a property in the same year of equal or greater value and you won't have to pay the CG. It's a like kind exchange (Sec 1031)
And the home has equity you can borrow against to make other investments to earn income, start a business or just pay for living expenses at an interest rate that even now is well below the cost of any other way you could borrow money...
That transition though 🥶🥶
This will sure come in handy as I am totally a millionaire in this economy.
I knew this cause I watched it before ur making me smarter and for that I’m following
The way he stares into my soul when he says "few days later"
Wish I had this problem
Thank you for explaining this in a simple and easy to understand fashion!
When my parents die I have more to be thinking about
I can't believe the 100k houses were worth a million each just a few months later!!! AMAZING :)
I love that transition though 😂
The guy that vowed to never read subtitles: BRO YOU LEFT ME ON THE LAST PART
He’s been paying for two 3 houses since his kids were born.
Gifted 700k after taxes must be real tough
And this is how the rich get richer whilst the rest of us can barely avoid starvation
This only happens in Murica, I've lived in 4 European Countries made friends and there is no way to escape paying taxes.
This is why 'Murica has the healthcare system that they have, also the way they tax the rich is fucked up.
@@Teksers you are quite mistaken. It's very easy to avoid paying taxes if you have an income that's largely stock based rather than salary. So any medium to high level manager at European companies can do this. There is a reason Ireland is the world's largest tax haven. And guess where Ireland is? Europe!
@@Joostmhw Listen here, you do not pay tax on bonds and stock untill you convert them in cash. You can not be taxed on something that is not cash. you need the physical money. When you convert them into actual money then you are taxed untill then it's profit or loss not confirmed.
@@Joostmhw Don't the Dutch still have that tax on imputed unrealized capital gain? Tell us everything you own, we'll assume it grows at 4% and take ' income tax' on that.
But, regardless. The life lesson is: avoid starvation by getting as wealthy and far from taxation as you can.
“I really just want that sweater-coat, dad. It’s baller.”
In Canada, there's a thing called a "deemed disposition" upon gifting or inheritance of assets. You have to pay capital gains taxes on the gift when you receive it, but the basis also gets automatically stepped up.
The fact that the US lets people step up the cost basis without paying taxes on the step-up is one of the few loopholes making the system backward and favouring the rich.
Few? 😂
because only rich buy houses. everyone should be kept poor and don't buy own or pass anything to their children
If you think paying more unnecessary taxes is good for anyone, you're an idiot. Poor people just need to learn better tax strategies. It really isn't that hard
“But we have to pay taxes on that”
“Ohhhhhh right, I’m committing tax evasion”
Then there is the Netherlands where you also pay over inheritance
Honestly doesn't seem right but the taxes in that country are actually invested into the country. At least they're being put to good use.
@@MachPotato yeah in general I'd say they use taxes pretty good though there's always things they fuck up just like every country😂
@@MachPotato i don't think you understand how wills work. You're essentially writing on a paper that after you die your house should go to your kids. But, when you die, your property is instantly the state's property, the fact that they are honouring wills is unnatural in itself
@@manaspradhan8041 I'm pretty sure I understand how they work lmfao. I was simply commenting on taxes in the Netherlands
@@MachPotato but why is it inherently wrong? Its not as if you actually earn your inherentence. I will probably gain a decent amount of wealth when my parents pass as the sole surviving child, but if an inheritance tax were say put into ensuring adequate social housing etc so nobody is left behind I'd actually be quite ok with that.
My dad passed away and I got 30k in an IRA. I rolled it into my own IRA. It is still listed under his name as an inheritance account and unlike a traditional IRA I do not get his with a 10% penalty for early withdrawal. That means you can let it generate MUCH more interest than say a savings account and still be able to withdraw money whenever you want. That $30k took 8 years for me to spend and netted me double that do to interest.
I would’ve ask what the difference is before anything, especially about a house
It actually hurt me to that a son could only say "such as shame" about his father dying...
They're both idiots for not renting it out.
you're a RT
Yep. Rent it out 4yrs and they'll make probably 1.5-2mill each and buy a couple more houses and do the same. Just depends on area they're in and the market for rent
@@matthewaldrich6455 The hell are you living that you're renting a house for 500k PER YEAR?
@@matthewaldrich6455 you forgot a 0
"Idiot" is a little ignorant... Maybe real estate isn't their preferred market, or maybe they want to invest in another and more lucrative asset.
Daddy taught them one more life lesson before he kicked the bucket!!!😂
Person: "Aww congrats on your identical twins! How will you tell them apart?"
Video: "Nah, it's easy. One is smart, one is not."
They seem so chill that their dad died
Pro tip: WHY CANT PEOPLE JUST LIVE IN FUCKING HOUSES INSTEAD OF SELLING THEM
"Man, I can't believe our father died"
"Yeah you got the money rollin'?"
What are some other loopholes like this 🤔🤔
Didn’t even need the trust for this to work. Just needed to inherit it.
Wealth transfers that large without taxes shouldn't happen.
It's like they *want* there to be a permanent aristocratic class...
Narr it's only a mill. Not like he was giving them billions
The money he bought the homes with was already taxed multiple times.
@@somethinglikethat2176 “only” might shock you to know that’s a lot of money to pretty much everyone except a handful.
Imagine if your dad died and you be like “oh well better sell the house “
What ungrateful kids. Their father bought them each a what-is-now a million dollar house, and instead of cherishing the gift , instead of being grateful their father didn't want them to worry about about housing, predatory loans, or homelessness, they instead decide to sell the place. Some people care only about money and it's so sad.
exactly, money will only make you crave for more, i would prefer just enough money to live a comfortable life
thank you for sharing, this is very well put.
But it's a house. Just shouldnt gave sold it.
That's not the point of the video
Agreed the rent from such a property in a high cost of living city would be a lot and pure profit and in the meanwhile for few months all you are paying property tax and minimal utilities.
@@asadb1990 you’re forgetting that the house is worth $1 million. Even if it rented for $5,000 a month that still takes over 16 years to pay off.
Now if you sold it for $1 million and invested that money earning 4%, you would have $1.87 million dollars while the renter would have just broke even on the houses value.
@@robatron1011 wait but, he brought it for 100k. So, doesn't he only need 100k to pay it off?
@@asukach.1280 I’m talking about collecting as much rent as you would get cash for selling it outright. If he sold it for $100k that would be a massive loss of value.
cool thanks so much for educating rich people to get richer, true hero
America is wild. They will tax you for your own blood. Tax on existing. Tax on things that are already yours lol.
Yeah kinda like how the colonists back in the day fleed britain to escape the crown and ... taxation! Muricah ain't so free now is it?
But if you just own the thing using hedge fund instead, its somehow free
Meanwhile they sit there empty so that the people can not have to spend money on maintenance
Damn your improv acting is on point, so good
Wow, the hoops you yanks have to jump through to deal with all the tax is crazy. There's no capital gains tax where i live, so i can just do whatever I want.
THANK YOU! This is very similar to the situation I just found myself in lol
Sometimes life is about more than just money. A lesson I learned the hard way is that you can always make more money, but you can't make more time.
This is why we need a 100% estate tax/inheritance tax on all wealth above a certain value. While we are at it, we should place a 100% wealth tax on wealth over $900 million, so that we literally tax billionaires out of existence and place an upper limit on personal wealth.
Well that would never happen in a capitalist country, so you are implying communism but we all know those fail...
Nah man, that's theft. Go to Russia if u like communism.
Lol if you think that’s possible move to communist China 😂
Lol
Actually good idea.
The guy who sold it asap paid 180k on capital gains. If there was even a year between his dad giving it and dying, the that brother earned more if he invested it all. Opportunity costs matter.
Great information THANK YOU‼️
How it cuts off at the end would literally be me walking away 🚶♂️🤣
So you see, I knew this as a tax accountant but I forget it every year because I only work on individuals like this like… once… ever
True. For inheritance the only time you would use the original basis is if you sold the home at a loss.
Love this channel. Learning more every day. The only issue is I saw this format so it's kinda obvious which option to pick it's always the option that is long-term.
There are basically no losing strategies in the game of Wealth. If you're rich enough that any of this applies to you, then its only a question of whether you win or win more.
I was told by our lawyer that setting up a revocable trust costs about $10K.
Moral of the story- you have to first receive a million dollar gift
amazing education of a hypotetical scenario 99% of people will never get to use but used to be common
THIS IS THE ONLY ONE THAT I ACTUALLY UNDERSTAND!!! YIPPPPEEEE!!!
Ordinary income from trusts is also taxed at the highest marginal tax rate around 40%
Untrue..
Twins never make financial decisions alone
i somewhy thought one of the twins will say "double it and give it to the next person"💀💀💀💀
Of COURSE the vest guy took the trust. 😂
*"A few months later"*
bro is narrating while playing the character
Thank you for the great info
“A 😐 Few 😐Months😐Later” 💀
I thought the trust was the right answer, so thank you for explaining this so well
I want to DOUBLE IT AND GIVE IT TO THE NEXT PERSON
That step up cost basis is a wonderful thing.
Ugh I know so many people that get screwed because they do the gift option… or just getting property out of someone’s name for various reasons
This might be different because I'm in the UK, but the difference is the time, trust has to be 7 years old when the original settlor dies to avoid the tax
i though the dad was gonna say get the house now or double it and give it to the next person💀
In Finland there's about 40% inheritance tax
As for as i remember here in India, the cost of acquisition stays the same as the previous owner if you get it through Gift/inheritance/through trusts/will/succession etc
You'll get the benefit of indexation but there will be cap gains if the property is sold
And this is why I have a living trust
Everyone at the funeral in tears crying for the loss of this man
Meanwhile his sons discussing how much money they got for a house
"Ots a shame" 😂
Third option rather then selling it since you clearly already own a home before gaining the new one either rent it out or airbnb it turn it into an overall passive income a house valued at a million would definitely be eligible for a strong rent minimum
To anyone wondering, this is because America has no inheritance tax and there are laws that reduce other taxes relating to inheritance.
Thanks now I know what to do with my family’s many million dollar properties really stumped on that one
I love that they just don't care that their father died
Instructions Unclear: You didn’t finish the last sentence
The end: so there’s no cap-
The brother: I hate you
If he gifted it to you he would have had to pay the taxes himself or filed against his estate exclusion amount. Either way your basis would still be $1 million or whatever the house was worth at the time you received it.
In Germany you pay taxes for IT, (called Erbschaftssteuer) If you get Something above 400k you have to pay em.