Date: Tue, 12 Sep 2006 11:39:59 -0500
From: "speednxs" 
Newsgroups: misc.invest.financial-plan
Subject: Re: Home Residence Exclusion
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This should be a lesson to anyone who want to give their house to their
children rather than leave it as part of a living trust.

Mom got all the emotional satisfaction of giving a house to her
daughter.  Presumable the daughter was eternally grateful.  That's the
upside.

The daughter should just pay the long term capital gains tax and get on
with her life.  If this will kill her, she can sell it for her basis so
there is no gain and no tax.  I'm sure any number of investors would
help her out with her emotional problems as long as there is lot's of
equity.

Funny how people hate the "evil rich" until they get a big wad of money
and all of a sudden they want the government to keep their claws off MY
money.

Pay the taxes and enjoy your life.