Mortgages & loans Often when a property is inherited, mortgages and loans will have already been paid off during a lifetime of ownership. However, this isn’t always the case. Occasionally a property will have been left with a mortgage…
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Taxes
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…
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…
I had a client ask whether someone who inherits a home qualifies for the $250,000/$500,000 home sale tax exclusion. The short answer is no. But the good news is you do not need to qualify. When you inherit a…
Wondering how the fiscal cliff will affect your real estate transactions in 2013? On Jan. 1 both the Senate and House passed H.R. 8 legislation to avert the “fiscal cliff.” The bill was signed into law by President Barack…
The Internal Revenue Service has some important information to share with individuals who have sold or are about to sell their home. If you have a gain from the sale of your main home, you may qualify to exclude…