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Jayson Lowe explains what happens to rental properties when parents die and pass them to children. The capital gains tax bill can be massive, and most people don't realize their kids will owe it.
Jayson Lowe explains what happens to rental properties when parents die and pass them to children. The capital gains tax bill can be massive, and most people don't realize their kids will owe it.
These long term plans are that on her passing, her rental properties will transition to her children. Julie recently became aware that this transaction, the transaction being transitioning her properties to her children on her passing, well, that transaction is going to create a capital gain and a tax liability because as a tax person, it amazes me how many people are unaware of the fact that when they die and they leave assets to their children, that that is going to create a taxable transaction.
