Senior Real Estate Specialist Applications

I had a wonderful time teaching the Senior Real Estate Designation to a group in Franklin Tennessee last week at the Williamson County Association of Realtors. Whenever I teach that class, I am reminded, and the students are learning, that there is much more to know than we realize. Our current political climate has many things changing and we learned that we need to pay even more attention. The Estate Tax situation is one of the elements of the Tax Codes that has its sunset at the end of 2010. During 2010 the stepped up basis for heirs has been removed, and so has the Estate Tax, but in 2011, the stepped up basis returns and so does the Estate Tax. Back to the pre 2001 limit of $1 million exemption. Please check with your CPA to see how this may affect you.  (Post Note:  There is some need to clarify this stepped up basis for 2010 – make sure you check with a tax atty if this applies to you)