DEAR BOB: About a year ago, my elderly mother deeded to me her home and two rental properties I manage for her. Her attorney handled the quitclaim deeds and the recordings. Mother died in October 2006. When I talked to my mother's tax accountant he said, "It's too bad your mother deeded the titles to you. If you had inherited those properties, you would have a new stepped-up basis of market value and you would owe practically zero tax when you sell them shortly after her death." Is this true I don't get a new stepped-up basis? --Ellen H. DEAR ELLEN: Yes. Unfortunately, you didn't inherit those properties. You received the titles as pre-death gifts. As the donee, you took over your donor mother's probably very low adjusted cost basis for the properties. Purchase Bob Bruss reports online. That means, when you sell them, you will owe a large capital gains tax. Unfortunately, your tax accountant is correct. This situation shows why it is often best, especially when a parent anticipate...
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