Parents can add the kids' names to the property ownership deed, with a clause that in the event of the death of one of the members, the remainder of the property goes to the rest. That way, the house is no longer an inheritance. (With that said, once you do, make sure the kids pay their share of the property taxes, or else the government might think something's up. So don't do it until the kids are employed.)
You only don’t pay taxes on the sale of the house if you use the profit and buy a new house with the money. If you don’t, you owe tax on the full sales prices
This sounds like an email my 80+ year old grandma would forward me
So it is true...wow
One possible way around this:
Parents can add the kids' names to the property ownership deed, with a clause that in the event of the death of one of the members, the remainder of the property goes to the rest. That way, the house is no longer an inheritance. (With that said, once you do, make sure the kids pay their share of the property taxes, or else the government might think something's up. So don't do it until the kids are employed.)
Or put it in a trust.
How will we know if this goes through? Does it have to go through Congress?
You only don’t pay taxes on the sale of the house if you use the profit and buy a new house with the money. If you don’t, you owe tax on the full sales prices
This sounds like an email my 80+ year old grandma would forward me
Also I personally think inheritance tax is absolutely unconstitutional. No reason to keep taxing the same thing over and over and over
I agree. I was just saying that the part where a parent selling it before they die is not taxed. It is just not true