If I inherit a house in California and sell it am I liable for any federal/state/county taxes?
回答 (7)
2019-10-14 10:50 pm
Capital gains tax. You pay tax on the difference between it's basis (the value when you inherited it + any improvements you made) and the selling price - expenses of sale.
2019-10-15 1:17 am
There is no inheritance tax at the Federal level. In addition, the tax basis for determining any gain on the sale is the market value at the time the person you inherited from died. That likely minimizes any capital gains taxes.
I am less certain of California laws, but the best I can find seems to indicate the same is true of the State of California.
Note: Large estates may be liable for estate taxes BEFORE you inherit anything.
I am less certain of California laws, but the best I can find seems to indicate the same is true of the State of California.
Note: Large estates may be liable for estate taxes BEFORE you inherit anything.
2019-10-14 8:24 pm
You are liable for taxes on any gain from the date of death.
2019-10-17 3:08 pm
this is a good question!
2019-10-16 2:49 am
Once you inherit it, you own it. If you sell it for the same price as the value of the inherited asset (value at time of death), then you would owe nothing.
Did you ever deal with the estate taxes though? Before transferring ownership?
Did you ever deal with the estate taxes though? Before transferring ownership?
2019-10-15 3:41 am
Probably capital gains taxes depending on how long you held it it
2019-10-14 11:44 pm
No federal inheritance tax, and capital gains depends on some other factors.
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