west Nebraska northeast Colorado | Sorry to hear of your situation. You should talk with a lawyer or CPA about tax implications. I think if you sell your trucks, etc. while you are alive if they are depreciated out you could end up paying income tax on the sales proceeds. If you leave them to your wife they will pick up a new basis in your estate (which I assume is below the amount where Federal Estate Tax will apply) and when your wife sells them the only income tax would be on any gain between the basis and the selling price. If the sale determined the basis the gain would be zero and no income or capital gains tax would be due. The same idea applies to property. Again, talk with a tax professional. |
im 56 and have stage four lung cancer...need advice
