Note: This article is not meant as tax or legal advice and you should always check with your Accountant and/or Real Estate Attorney to verify your current tax options.

F.Y.I., if you die and leave your home to someone, that person will inherit your home at its fair market value.

The technical folks say the beneficiaries received a “step-up in basis.” That means if you bought your home in 1950 for $20,000 and it’s worth $500,000 today, the lucky person inheriting your home after you’re gone will never pay tax on that $480,000 gain.

This perk is set to expire in 2010 when the estate tax disappears, so if you’re going to die, do it within the next few years.

Be sure to check out the IRS Publication 523 — Selling Your Home and Publication 530 — Tax Information for First-Time Homeowners, on the web for more details.