Chief
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Hi,
Is McDermott project is good in TCS?
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What kind of screen time y’all clock?
How do you know it’s time to leave a job?
Got a random email from a supposed Amazon recruiter for a SDE position (which is not at all a fit). The email is amazon.com domain and there are no red flags in the body but it doesn't feel like an Amazon recruiter due to the tacky signature, etc. Has anyone seen this kind of cold-calling from FAANG recruiter?
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Do not take the house before your parents die. When you acquire the house upon the death of your second parent you get a step up in the cost basis to the value of the house at the time of their death. If they put your name in the title or gift you the house in advance, you assume their original cost basis and when you sell you will owe capital gains tax on the WHOLE gain from the time they bought the house. If you wait and get the house upon their death, then no one ever pays tax on the gain the occurred during their lifetime. There is an issue of estate tax the exemption is currently $11.7M per parent and is likely to decrease to something 3-5M. However it’s very unlikely that the step-up benefit will be removed. Next, make sure there is a will that awards you the house and your parents can use a trust to remove some of the probate if you are in a state with an expensive probate process. See an estate planning attorney to get this all arranged. It might cost $2000 including will, trusts and power of attorney.
Chief
Interesting. We live in the house now. Definitely do
Not want to pay capital gains. Bought in 1983 for $250k.
Pay a CPA to get an actually correct answer
A CPA can give you some tax advice but I would go to an estate planning attorney. There’s small firms or sole proprietor firms that specialize on this. They can explain the tax issues, write the will, trust and power of attorney while at it. That’s all they do. It’s been 10 years since I did this myself and I think I paid around $1500 in a high cost market. So, I’m guessing $2,000-$3,000 to do it today. If you need a reference to an estate planning attorney, ask someone senior in your office that has kids they have probably done this.
Chief
Sell the house. Buy gold bars and hand it over?
Chief
Wait until death and inherent it
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Convert to BTC and hold in DeFi
Rising Star
With open arms
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You work hard!
Have the person give it to you as a gift before the person dies?
irs recognizes the value of the home at death. it will be taxed anything above that.
Are you planning on living in the house or selling it? There are different implications depending on which.
A good option could be to put it into an irrevocable Trust, but honestly, speak to a financial advisor because this is not financial advice*
*cya
Chief
Living in it currently and trying to figure it out now.
Rising Star
Place the house into a generation skipping trust
Inherit before or after they die? If it’s after Fed estate taxes are $0 fir an estate worth less than $11.8M. If before you will be liable for gift taxes unless you buy it from them.
https://smartasset.com/taxes/all-about-the-estate-tax