Thread: Money Tax question: Selling a house
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Old 05-19-2009, 05:25 PM   #12
alnorth alnorth is offline
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Quote:
Originally Posted by Brock View Post
So you're saying there will be no capital gains tax on the sale of the house? Gross sale proceeds minus market value on day of death?
If you inherit a house, you get a step-up in tax basis. If you immediately sell, no taxes are owed (federal anyway, no idea on all 50 states) unless it was part of a huge net worth, in which case some estate taxes are owed before the beneficiaries can get any money.

The only thing making this question complicated is the trust, I dont know what happens with that vs a will.
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