We've fallen for open-plan living in recent years. After all, not many of us have a formal room just for company anymore. And with modern building materials, we don't necessarily need every room to have four walls to keep it at a comfortable temperature. But although an open plan may bring the space, light, flow and garden views we desire, it can also feel problematic to organize into zones - and prove distracting to share.
My wife and I are retired and are in our seventies. We have two children, and our house is currently worth approximately $300,000. We purchased the property many years ago for $32,000, and currently have a very small mortgage and a $40,000 home equity loan. What are the implications of all of this appreciation on our estate if we do not sell our house before we die. Must my heirs pay tax on the entire appreciation?