Home Transfers: What You Need to Know About Taxes and Inheritance

Описание: In this episode of Leibel on Fire, host Freddie Bell and financial expert Leibel Sternbach discuss the complexities involved when a parent transfers a home to a child. They delve into the necessary IRS reporting, how gift tax rules apply, and the implications of selling the home in the future, including cost basis and capital gains. They also highlight the differences between gifting and inheriting property, and the potential benefits of each approach. Leibel provides insights on state vs. federal tax laws and the concept of a lifetime gift exemption, emphasizing the importance of strategic estate planning. Additionally, they touch on annuities and their unique tax considerations when left as an inheritance. For more detailed guidance, viewers are encouraged to visit YieldsForYou.com for resources like the five-minute estate planning guide.

00:00 Introduction to Home Transfer and Tax Implications
00:47 Understanding IRS Reporting and Gift Rules
01:08 State Laws and Federal Exemptions
03:05 Gift vs. Purchase: Tax Implications
03:48 Reporting Requirements for Gifts
04:58 Selling the Inherited Property: Cost Basis and Capital Gains
07:49 Inheritance vs. Gifting: Strategic Considerations
09:15 Annuities and Other Considerations
10:31 Resources and Final Thoughts