While it may be challenging to deal with the extreme emotions that frequently accompany an inherited home, tax laws make the tax consequences less daunting than you might expect.
1. Basis for an inherited home. The “basis” refers to the cost of the asset for the purpose of calculating capital gains, and other taxes.
2. Inheritance Tax: when a person dies, his or her assets are managed by an executor who, in accordance with their preferences, as laid out in the will, pays any debts, pays taxes, and disburses what is left to the people that are named as inheritors.
3. Capital gains tax for inherited investment homes: short-term gains are taxed at higher rates than long-term gains.
While it may be challenging to deal with the extreme emotions that frequently accompany an inheritance, tax laws make the financial consequences less daunting than you might expect.
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