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Life Estate Can Be Retained for Estate Tax Purposes Without Being Reserved in Deed, and Result in a Step-up in Basis for Capital Gains Tax Purposes

Estate Tax Inclusion Results in a Step-Up in Basis and Eliminates Capital Gains Taxes on Transferred Real Estate. For many elderly persons in the middle class, a key tax goal is to keep the home includable in the person’s gross estate for federal estate tax purposes. Doing so results in a step-up in the basis of […]