The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies

URL:  http://boards.fool.com/tax-consequences-wlimited-partnership-15389204.aspx

Subject:  tax consequences w/limited partnership Date:  7/17/2001  4:24 PM
Author:  UofAWildcats Number:  52610 of 121585

My father and I own a vacation home as a 50/50 limited partnership established as a trust. In his will, when he dies I inherit his 50% making me the 100% owner. I am trying to figure out what happens tax wise when he dies. Do I have to pay taxes on the value of the portion that he wills to me, or do I acquire it without taxation since I was already a limited partner in the property/trust?
Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us