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Thread: Can our kids inherit our Villages Home?
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Old 03-09-2021, 10:45 PM
Boilerman Boilerman is offline
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Originally Posted by Mortal1 View Post
an equally salient point is that even if you leave the kids the house they will still have to pay the taxes on it's worth. This from a tax expert(cpa). now I hope they are wrong, but it doesn't sound like a good thing.
Sure they’ll owe property taxes for the time the kids own the property but the cost basis of inherited property is the value of the home at the time the property is inherited. So if the property is sold within a short time, capital gains taxes would be minimal.