Inheriting property from an estate is governed by a legal process. If there is a valid will describing the deceased person’s wishes, this may allow skipping much of the legal actions. If there is no will, the estate will be distributed…
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financial considerations
After an owner’s passing, the home must be appraised and the cost basis for the house becomes the value assigned by the appraiser. This is known as the stepped-up basis. You can avoid capital gains taxes on inherited property…