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Questions Answered by Smilie Gregg Rogers Esq

1 Answer | Asked in Tax Law for Massachusetts on

Q: My father gave me and my sister his house before he died do we have to pay capital gains if we sell it

Smilie Gregg Rogers Esq answered on May 18, 2013

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... Read more »

1 Answer | Asked in Probate for Maine on

Q: Can an heir with "power of attorney" take the property and assets of bank accounts legally before death?

Smilie Gregg Rogers Esq answered on May 18, 2013

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... Read more »

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