I have a potential client that has a rental with substantial equity in
it. However, there are huge embedded capital gains in this house
because she inherited it with an $8,000 basis. It is now worth
$350,000, and has about $250,00 of loans on it.
I plan to have a full analysis of this for a Chapter 7 Trustee prior to
the 341A that will show there will be nothing net of tax for the estate.
However, I've never done this before and occasionally trustees get a
little feisty and/or just want to prove they are smarter than me (not
hard to prove, but it seems to tickle them)
So I'm giving this out the group in the hopes you can first tell me why
I'm wrong and this house may be sold.
Thank you in advance.
Steve
Law Offices of Steven B. Lever
>
> Steven B. Lever
>( Tel. (562) 436-5456 ext. 6470
>( Fax (800) 360-5161
>*
sblever@leverlaw.com
>
www.leverlaw.com
>
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