When was the property inherited?
I am not an accountant but I don't think they will have to pay taxes as the cost basis is calculated from time of death, not the purchase date.
Yup.
Their "purchase price" is the value at the time they inherited, not the purchase price that their parents paid.
So if they recently inherited, their capital gains tax will be minimal.
Sorry, thanks for responding. I’m not sure the details about the inheritance, that wasn’t what I was asking about. Apparently they recently sold something it was a big hit for them so I guess I don’t know the details of how the company was/is structured.
I’m asking if there are ideas from accountants or anyone that can be creative ways to get around having to deal with a chunk of capital gains taxes that I can present to them to convince them to sell….
Sorry I did say
Not sure how to phrase my question exactly….
