No, the title isn’t a typo. Today, we decided to tackle a rarely discussed but very important topic that many homeowners have never considered – whether it’s better to sell your home before or after you die. In some circumstances, choosing the latter option can mean the difference in being able to pass a lot more money on to your family. Read on to learn about the pros and cons of both options.

Few people expect to die before they pay off the mortgage, but it happens every day. A mortgage is for a fixed term of years, but life isn't. While inheriting a house is a positive thing, taking.
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Welcome Back to Buy Try Let It Die. This week's tasting is a Kentucky Straight Bourbon called Rebel Yell. This bourbon tastes of honey and butter, followed by a hint of plum and raisins. Each sip is followed by a long, warm finish with an interesting touch of spiciness. But of course, we will let you know the REAL.

In the tax code, there’s a specific rule known as the stepped up basis at death rule. From a practical perspective, the rule means the gain on a home sold after death *is not *taxable by the IRS. Let’s take a look at how this rule plays out in two different scenarios:

If you sell your home before you die:
Let’s say you bought your home for $30,000 in 1986. Now, 30 years later, it’s worth $730,000. That means you potentially have $700,000 worth of gain if you sell your property, which is amazing!
The problem is, you’re going to have to pay a 20% capital gains tax to the IRS. What’s worse is high tax states like California may take another 13% in taxes. And just to make it a bit more painful, taxes related to Obamacare can mean the government takes another 3.5% off of your profit. Before you know it, all those taxes are eating 35%+ of your $700,000 profit, which means almost $250,000 goes to into the government’s pocket rather than into yours.
If your home is sold after you die:
At death, the tax code doesn’t view you as having the $700,000 gain. Instead, the tax code “steps up the basis” in your property and it becomes valued at the amount it’s determined to be worth at your death. In simple terms, this means the IRS views the $700,000 of value your property gained (in excess of the $30,000 you originally bought the home for) as the value of your property rather than a profit on the property.
That means, if the home sells for $730,000, the almost $250,000 that you would have owed in tax in the example above stays in the pocket of whomever inherits the money made from the home sale. The savings can be enough money to give your family security for years to come.
How to decide which approach to take:
First, consider what your current tax implications are. If the home you’re considering selling is your primary residence, you can take advantage of federal exclusions on capital gains tax. Individuals are able to avoid paying capital gains on the first $250,000 of their home’s value, and couples can avoid paying capital gains tax on up to $500,000.
If you fall into this category, the tax implications of selling could be minor, so it may be best to sell now and get as much money out of the property as you can. This is also likely the best decision to make if you just need to sell your home regardless of the tax consequences. Perhaps the money trapped in your home is going to be fund your retirement or it’ll be used to pay medical bills.
However, if you don’t have any urgent money needs and the property you’re considering selling is not exempt from capital gains tax, you may want to hang on to your real estate asset. As described above, doing so may mean your family stands to inherit much more in untaxed gains when the home is sold after your death.

Money – Let It Die. When you are out exploring the dangerous and cruel floors of Let It Die’s Barb Tower, you will frequently be showered with gold coins. Your cash money can be used to buy Death Metals, little skulls that look like rainbow-colored rock candy. These are the most valuable form of basic currency in Let It Die's economy, but the game.

While this option isn’t often talked about, it’s important to understand and comprehend what the potential financial impact will be on your family after you pass away. Use the advice above to help you make a well-thought out financial decision on how to manage your real estate sale.

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Jewish World Review Feb. 22, 2001 / 29 Shevat, 5761

Thomas Sowell

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Taxing the living and the dead

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http://www.jewishworldreview.com -- THE all-out attempt in the media to scare us away from tax cuts was epitomized by a Newsweekcover with the caption: 'Bush's $1.6 trillion gamble.' In other words, it is a gamble to letpeople keep their own money, but apparently it is safe to put that money in the hands ofWashington politicians.

Newsweek's cover was turned into an editorial cartoon by creating a composite photo depictingPresident Bush with a come-on grin, offering packs of money. In reality, neither the Presidentnor the Congress is giving anybody anything. They are trying to let people keep a little moreof what they earned.

The latest political ploy is to say that we need to guard against reducing taxes, if thesurplus that has been projected does not materialize in the years ahead. It sounds reasonable,if you don't stop and think about it -- and politicians are counting on our not stopping tothink about it.

Democratic Congresswoman Ellen Tauscher of California is pushing the idea of a 'trigger'mechanism that will stop tax cuts whenever there is not enough money coming in to covergovernment spending. Just what does that mean in practice? It means that the liberals can stopthe tax cut, even after it has become law, just by spending so much money that there will nolonger be a surplus.

Congresswomen Tauscher dresses this idea up as 'fiscally conservative.' But if a 'trigger'mechanism is really a way to avoid deficits, then why was this wonderful idea never applied toincreased spending? Why not have spending frozen whenever there is not enough money coming into cover it? But the whole point of this ploy is not to stop spending, but to let it keep ongrowing, despite demands for tax cuts.

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Among the other ploys used to try to prevent tax cuts is the claim that the Reagan tax cuts ofthe 1980s were the reason for the rising deficits of the 1980s. Let's confound the politiciansonce again by stopping to think about it. Let's even look at the facts.

The tax cuts of the 1980s cut the tax RATES. This did not reduce the tax REVENUE that cameinto Washington. More tax re