DLA In The News

Stepped Up Cost Basis At Death Saves Taxes

(c) 2007 Newsday. Reprinted by Permission
ASK THE EXPERT
KAREN E. KLEIN

The problem:  My parents jointly owned a $550,000, two-family home outright when my father died in December.  Mom wants to sell, but an accountant told her since she didn’t sell by Dec, 31, 2006, she will owe taxes on my father’s share of the proceeds.  True?

The expert: David J. DePinto, CPA and certified elder law attorney, DePinto Law Associates, Melville. 

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Tags: Cost Basis, Cost Basis Tax Reporting, Stepped Up Cost Basis

New Law Ends Rushed Home Sales To Shelter Gain When Spouse Dies

(c) 2008 Newsday. Reprinted by Permission
ASK THE EXPERT
PETER KING

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Tags: Cost Basis, Cost Basis Tax Reporting, Stepped Up Cost Basis