Quick Answer Yes—there are several types of exemptions and tax breaks that may apply to spouses, children, and other family members who inherit real estate. The big categories include property tax exemptions or reassessment exclusions, estate/inheritance tax...
Quick Answer A step-up in basis resets the property’s tax cost to its fair market value on the date of death. This can wipe out most or all capital gains that accrued during the decedent’s lifetime. It applies broadly to real estate and many investments, but there...
Quick Answer Inheritance itself doesn’t create a federal property tax, but it can trigger a local property tax reassessment, change exemptions, and shift billing responsibility. In many states, a transfer at death is treated as a “change in ownership”, which may reset...
When a loved one passes and you inherit real estate, the question shows up almost immediately: Who is responsible for keeping the property maintained—paying utilities, mowing the lawn, fixing leaks, and meeting HOA or city rules? The answer depends on how the property...
Inheriting a home that’s across the state—or across the country—raises fast, practical questions: Do you sell it remotely, rent it out, or hold it? What about probate, taxes, and day-to-day logistics when you’re not nearby? This guide breaks down your best options,...
If you’ve just inherited a home, one of the first practical questions is simple: When can I sell it? The answer depends on how you received the property (probate, trust, transfer-on-death deed, joint tenancy) and what your state’s rules require. Below is a clear,...
