Denver Capital Gains Lawyer
If you are considering giving away your assets as a gift or through an inheritance, you may have questions about capital gains taxes.
Brady, McFarland & Lord, LLC, can answer your questions about capital gains taxes and help you determine whether you should give your real estate, stocks or other assets away while you are alive or after your death.
As a Denver capital gains attorney with more than 21 years of experience, Karen L. Brady is committed to helping clients in the Greater Denver, JeffCo and Front Range areas minimize capital gains taxes and achieve their other financial goals. She will walk you through your available options and guide you through this complicated area of tax law.
Planning for Capital Gains Taxes
When an asset is sold for more than it was purchased for, capital gains taxes of up to 50 percent are applied. These taxes are calculated differently for gifts and inheritances. As you are gift planning or creating an estate plan, it is important to consider the effects that capital gains taxes could have on your loved ones.
If you give your property away during your life, the date you purchased the property will be used to calculate the property’s cost basis. When the recipient of your gift later sells the property, he or she must pay capital gains taxes on the increase or decrease in value realized since you purchased the property.
If you leave your assets to your loved one through an inheritance, the date of your death determines the asset’s cost basis, which is called a step up. When selling inherited assets, a beneficiary will only pay capital gains taxes on any profits or losses realized after your death.
Determining the best strategy to minimize capital gains taxes is not a do-it-yourself project. Our lawyers will help you determine the tax basis for your assets and whether giving your assets away during life or after death is the best option for you.