Question: Regarding capital gains taxes in Massachusetts: Say I bought my house many years ago for $500,000 and put in $250,000 of improvements. My base is $750,000. My wife and I sell the house [...]

Question: Is an independent administrator entitled to a 5% commission fee on the sale of a home when there was a real estate commission fee of 6% paid during the administration of the estate. [...]

Question: What is the tax liability be on the sale of a house that was inherited through a life estate? Synopsis: life estate deed signed on 2021; life tenant passed away in 2023; prepared house [...]

Question: My parents created a life estate in Rhode Island. My dad passed away in 2022. The estate attorney noted the value of the home at $852K. Based on the life estate his estate reflected his [...]

Question: I’m 94 years of age and own a home in Massachusetts. When I pass, will my heirs be able to take the $250,000 federal deduction that I would have been entitled to if I have been [...]

Question: My wife and I have a home with joint tenants with right of survivorship with my elderly mom. We have been taking care of her for a few years. We are thinking that a move to an assisted [...]

Question: My mother’s house is in a life estate with the remainder in my sister’s and my names. She (our mother) is 86. When she passes how do we determine how much in capital gains [...]

Question: We live in northern Minnesota and am organizing information to set up a trust. We have two homes, a lake home, lake property, and farmland (80 acres in South Dakota), in addition to [...]

Question: If I place my home in an irrevocable trust with my children as beneficiaries what is the tax upon my death? Response: There is almost certainly no tax upon your death but a lot depends [...]

Question: In your Capital Gains summary you mention life estates and joint ownership as options to transfer property to children. Wouldn’t either of these options result in a gift tax? We [...]