Off-Topic: Martini's $371,000 ERROR

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	Name:	GoneFishin -
	Subject:	Martini's $371,000 ERROR
	Date:	6/17/2010 10:52:48 PM

Pre 1997( .ie1996) the tax was 28% and the exemption was one time for those over 55. It was $125,000. Therefore the tax in your example was $371,000 NOT $0 (1.45-.125*.28).

Yes, grandma would pay tax on her SS like everyone else with higher earnings.
But, grandma is NOT middle class with about $1.2 million cash net from the sale. There is no denying that the tax will be increased.

A better solution in my opinion would be for Gramdma to check the rental market and see if she can rent the place to supplement her SS. Then, upon her death the children would inherit the home at the stepped up value of 1.45 million.