Springfield, OH asked in Estate Planning and Probate for Ohio

Q: Ohio, an estate is in probate, the 2 cars were transferred into the 2 heirs names, is there a way to avoid capital gain?

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1 Lawyer Answer
Joseph Jaap
Joseph Jaap
  • Estate Planning Lawyer
  • Cincinnati, OH
  • Licensed in Ohio

A: Only valuable collector cars increase much in value to result in much of a taxable capital gain, although the used car market is seeing higher prices. But it doesn't matter, since an heir takes an asset at its current fair market value. If the heir sells immediately at the same fair market price, there is no capital gain. The heirs should talk to their tax preparer, or talk to the attorney handling the estate, or use the Find a Lawyer tab to retain a local attorney to advise them.

Andrew Popp agrees with this answer

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