Q: Is there a difference if you inherit a house via a Will or based on a transfer on death deed reference capital gains tax
Is there a difference if you inherit a house via a Will or you acquire a house based on a transfer on death deed concerning if you still have to pay capital gains tax if you sell it immediately. If the answer is no to paying capital gains tax if you sell it then what is the time line that you have to sell it without paying capital gains tax?
A: Property that is passed due to the death of the owner gives the recipient of the property a stepped up tax basis in the property. This includes property transferred by Transfer on Death deed or by the property's having passed through probate.
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