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May 05, 2008


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You may actually be HURTING rather than helping by commencing j/t while you are alive. Especially if you will be under the estate tax limit. Because if you gift the house in any way to children while you are alive, they inherit a stepped up tax basis, meaning that when they sell, there will be capital gains based on the date they acquired the property from you. However, if you die, there is no stepped up basis, so your children do not have to pay ANY capital gains.

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