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Old 02-08-2010, 07:22 AM
Senior Member
Join Date: Sep 2008
Location: Lafayette, La.
Posts: 3,921

First, I'm sorry for your loss. Those special aunts are like grandmas.
Secondly, the laws there are probably different from what I experienced here in La.. There is almost no inheretance tax anymore, at least here. What that means is that you can value the assets such as real property and almost anything else except cash, cds, stocks, etc. at any value within reason. The benefit there is not now, but in the future. If there is a house valued at around 100k and you show it at that on the final tax return and sell it later for 150k then you pay long term capital gains on the 50k. If you value it at 200k now and later sell it for 150k you can take a 50k capital loss on the sale. I say this not to be crooked, but to protect yourself or other heirs from future unfair taxation. I think it is absolutely wrong to tax inflation or appreciation. You may not be able to do this in Va. and your attorney may not know about it (mine didn't). My brother came up with it and the attorney checked it out. It was too late for us because we had already done the return. Check it out in your area. It might save you a ton of money down the road.
beenie is offline