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M
mick7
September 5, 2019
Question

we inherited a house

  • September 5, 2019
  • 1 reply
  • 0 views
what kind of tax do we pay if we sold it

    1 reply

    A
    Anonymous_
    Employee
    September 5, 2019

    You need to supply more details regarding this transaction.

     

    Generally, the beneficiaries (those who inherit the property) receive a stepped-up basis in the property inherited to the fair market value on the date of death of the decedent. As a result, if the property is sold shortly after it is inherited there is typically little gain, if any, and a loss could even result depending upon the circumstances.

     

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