Do I Have To Pay Capital Gains Tax On An Inherited Property?

Are you worried about the taxes if you sell your inherited property? Do you know what taxes you will have to pay?
When you inherit a property the tax rules are different than if it is your primary home or rental home. Watch this video to learn about capital gains tax on inherited property and learn what things some things that you can do to pay less capital gains tax on your inherited property.

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[sebastiaanthijn]

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[patrickkamins]

Our sibling passed and we two brothers are the sole beneficiaries. After many hours of cost basis and sale price tax and Step-Up information, we submitted forms on the IRS free tax site. Our many submissions have all been rejected. We attended a tax seminar and learned that because our sibling lived in the home and property for many more than 2 of the past 5 years before she passed, therefore the 250K exclusion comes into play. Since we sold for less than 250k more than the "basis"...no capital gains tax is due. And we were told that we do not even have to file. Your thoughts?

[scatpack]

I inherited my parents properties when they died from covid. Went through probate. Sold the house under what the appraisal price was. Nobody wanted to pay rent so I had to sell it or lose it totally. I need help! I’m lost it’s been a nightmare since they been gone. I have a sad story everything went down hill. Have brothers living in the streets now. I’m the youngest and doing some what good but still struggling with life. About to do my taxes and have anxiety don’t know where to start.

[WilliamRothamel-iwtg]

Question for you! My father helped me and my kids by buying a house in 2015, only his name listed on the loan or deed. I lived in it and paid the mortgage the whole time. My father added me to the deed in Feb 2022 and we sold it July 2022. I took all profits from the home and applied to a new home. Can I be considered owner for 2 years in this situation or do I have to break down my actually time on the deed?

[valeriehawkins]

Excellent explanation! Thank you for making it simple to understand!

[canyonoverlook]

How do they figure out the new basis? The price of a house is just whatever you can get. Someone might sell a condo for 100, 000 and the exact condo next door might sell for 105, 000.

[DatsDoodoBaby]

How do you get the basis number of when you inherit the property? Is an estimated value recorded when it’s handed over?

[deesilcant]

What about if it was put in a trust for me? I saw a video saying that I wouldn’t owe capital gains at all in this case. Is this true?

[anthonyjones]

Do you know if you can deduct the real estate commission and other selling expenses as capital loss when you sell the inherited property soon after the decedent's date of death?
Appreciate you help!

[accentsa]

Great information given well and easy to understand

[alexjandick]

Thanks for these helpful details. I will share this with video with my clients as you addressed previous concerns I've heard time and time again.

[virginiatonelli]

We sold our passed sisters home 2 + years after her death. We do not know the value of her home at the time of her passing. Other than using an expensive appraiser, will the IRS accept MLS property comparables of homes sold at the time of her death? We sold this inherited home for likely MUCH more than the value of the home from 2+ years ago. Thanks!

[Light_Worker]

What about the inherent got property with reverse mortgage who I required to pay the debts ?

[ericcampbell]

So sell at a lost but have the buyer buy bs artwork for the remainder of the price

[TES-btsv]

So, it seems to me that as soon as you inherit the house, you must get an appraisal and then a second appraisal once you sell it, regardless of the time-span.

[odalv]

... hmm, does this also apply to a sale of inherited property that is overseas? I am US citizen located in NY. I'd appreciate any feedback.

[TheKShepherd]

My wife will receive her mother's house from a revocable trust when she passes. It's all paid off, no liens or mortgages. My wife and I are actually living in the house with her mother now (have been since 2016). I understand the step up in basis at date of death, that's not an issue. The question is, when we go to sell that house, how does exclusion 121 work? Meaning do we have to live in that inherited house for 2 years after death to benefit from the $500k 121 exclusion (married filing jointly)? . For example, when you receive stocks from an inheritance, they are looked at as a long term capital gain regardless of how long you hold that stock (meaning you could sell same day and it's considered long term). Does that make sense? I was just thinking if we hold the house for a year and then sell it. We make let's say $250k in gains from the step up in basis. Come tax time does the 121 exclusion rules apply (or do we have to live in the house for 2 years after it's inherited)? Hope this makes sense

[sil]

I’m living at my parents house. Both my parents have passed away the house is in my name. I want to buy out my sister for her half. Is my sister going to have to pay capital gains?

[jamiecaldwell]

Please help. My mother passed in 2019, without a will. I did an AFFADAVIT OF HEIRSHIP in 2022. Does my BASIS start in 2019 or 2022 ?

[tedzagami]

Hi..., Do capital gain tax apply to mobile homes...? I bought the MH 4yrs ago and have been paying the taxes on it, the thing is... That I had a problem getting the title transferred to me for the longest time. I FINALLY got the title transferred 6 months ago and now I'm selling the MH at a nice profit. The land is leased at $600, and I was a private buyer that bought from a private seller... I already bought another home in FL. 4 months ago and plan on moving there when this is sold... Can the Capital G tax (if any) be deferred to the new home...??? I am unemployed. 56yrs old. And these are primary residents for me... It does show on the community lease that I have been here since 2017, but the tax office has the previous owner on their records paying the taxes up until 2021... Am I screwed...😣
WORRIED...😓