Have you considered the tax cost of an inherited house? Heirs may have to pay a variety of state and federal taxes, which may be due immediately or if they sell the property later.What taxes are there on an inherited house? Here is an overview:
1. Estate Taxes: the estate tax is a tax on your right to transfer property at your death. It consists of an accounting of everything you own or have certain interests in at the date of death.
2. Inheritance Taxes: heirs pay federal inheritance tax on the net worth of their inheritance.
3. Property Taxes: heirs may have to pay property taxes as soon as they inherit real estate, and they’ll continue to pay them for as long as they own the house.
4. Capital Gains Taxes: when an heir sells an inherited house, he has to pay capital gains tax on the profits. The usual process for calculating capital gains is to subtract the market value of the home at the time it was inherited from the sale value.
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