How To Inherit Property From Parents Correctly

How To Inherit Property From Parents Correctly
Dr. Friday Tax Tips - One Minute Mo...

 
 
00:00 / 1:00
 
1X
 

Dr. Friday 0:00
Good day. I’m Dr. Friday president of Dr. Friday’s tax and financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.

Dr. Friday 0:12
What do you do if you inherit a piece of property and you don’t know the basics? Well, that’s not as complicated as you might think. It depends on when you inherited it and what the situation was. Let’s say that you inherited your parent’s house at the time of their passing. That is always better than your parents putting you on the deed or quit claiming it to you. If you don’t understand the difference, you really do need to call us because there are huge tax savings. If I inherited that property at the time of their passing, I get a step up in basis if they quit claiming to me unless they quit claiming for the exact amount they have in it, we’re gonna pay tax on the whole amount. Big difference. Check me out at drfriday.com.

Announcer 0:52
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.