Quote:
Originally Posted by Michael G.
A Lady Bird post was mentioned some time ago, and I know how it works.
What I don't know if there's a Capital Gains tax for the people that inherit the house?
Anyone Know?
|
To summarize:
Your beneficiaries who inherit the house do not pay federal capital gains tax when they inherit.
If your beneficiaries later sell the house at a higher price than the home’s value at your death, then they may owe capital gains tax on the appreciation since death.