Smilie Gregg Rogers Esq
Law Office of Smilie G. Rogers, PLLC
- Estate Planning
- Tax Law
Jurisdictions Admitted to Practice
|Attorney/Owner, Law Office of Smilie G. Rogers, PLLC|
|A Trusts, Estates and Tax Practice.|
|Estate Planning, Probate and Tax Attorney, York Law, LLC|
|Estate Planning, Probate and Tax Attorney, Bergen & Parkinson, LLC|
|Estate Planning, Probate and Tax Attorney, Yates, Cambell & Yates (now Yates, Campbell & Hoeg, LLP)|
|Attorney Advisor to the Honorable Carolyn P. Chiechi, United States Tax Court|
|University of Washington School of Law - University of Washington||LL.M.||Taxation|
|Oregon, University of|
|Honors: Order of The Coif|
|Activities: Estate Planning Certificate of Completion and Pro Bono Certificate of Completion|
|Member, Maine State Bar|
- Overall: 318th
- This Year: 107th
- Overall: 2 Answers
- This Year: 2 Answers
Q: My father gave me and my sister his house before he died do we have to pay capital gains if we sell it
A: Property transferred by gift usually require the recipient to use the Donor's income tax basis. That carryover basis results in the preservation of built in capital gains. Had your father devised the property to you and your sister at death, you likely would have received a basis reflecting the properties then fair market value. Whether or not you now have to pay capital gains on the sale depends on 1) your carryover basis; 2) the amount of capital improvements made; 3) the amount you realize on the sale and 4) the property's ownership/use history since it was given to you. If the property has been owned and used as a principal residence, some or all of the gain might be avoided. Your question is not a complex one but requires further analysis based on your specific facts.
Q: Can an heir with power of attorney take the property and assets of bank accounts legally before death?
A: If the power of attorney is effective (powers are sometimes conditioned on events (such as a determination of lack of capacity) and are not therefore always immediately effective) and the principal did not communicate any revocation of the agent's powers to the agent, then it is likely that the agent, even if they are otherwise a potential heir of the principal's estate, could exercise a power to remover assets from a bank account.