Thread: Money Tax question: Selling a house
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Old 05-19-2009, 05:27 PM   #13
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Join Date: Aug 2000
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Quote:
Originally Posted by alnorth View Post
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.
I see, thanks for the explanation.
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