Have young relative whose elderly surviving parent is imminently near death. Parent owns a condo. Don't know if parent's will needs to go to probate. Relative will be executor.
If property transferred through QCD and eventually sold, then net sales result plus relative's income determine tax rate level?
If joint tenant then after sale tax results the same?
In any case other than seller to buyer does parent's cost basis carry over to relative?
Time is the issue. Parent near death, as mentioned above.
My own case solved decades ago with property in trust and moot inheritance from 1st parent to pass, trust taxes having very low basis, so I have no comparable experience on which to advise.
- posted 2 weeks ago