Do I Have To Pay Capital Gains Tax On An Inherited Property?

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Information Do I Have To Pay Capital Gains Tax On An Inherited Property?

Title	:	Do I Have To Pay Capital Gains Tax On An Inherited Property?
Lasting	:	3.24
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Views	:	22 rb

What about the inherent got property with reverse mortgage who I required to pay the debts ?
Comment from : EarthyDiva

Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got talking about investment and money I started investing with $120k and in the first 2 months , my portfolio was reading $274,800 Crazy right!, I decided to reinvest my profit and gets more interesting For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family
Comment from : soja kia

How do you get the basis number of when you inherit the property? Is an estimated value recorded when it’s handed over?
Comment from : I’m just trying to make my dog proud

Excellent explanation! Thank you for making it simple to understand!
Comment from : Valerie Hawkins

hmm, does this also apply to a sale of inherited property that is overseas? I am US citizen located in NY I'd appreciate any feedback
Comment from : Odalv Kardum

Question for you! My father helped me and my kids by buying a house in 2015, only his name listed on the loan or deed I lived in it and paid the mortgage the whole time My father added me to the deed in Feb 2022 and we sold it July 2022 I took all profits from the home and applied to a new home Can I be considered owner for 2 years in this situation or do I have to break down my actually time on the deed?
Comment from : William Rothamel

Thanks for these helpful details I will share this with video with my clients as you addressed previous concerns I've heard time and time again
Comment from : Alex Jandick

What about if it was put in a trust for me? I saw a video saying that I wouldn’t owe capital gains at all in this case Is this true?
Comment from : Dee Silcant

Hi, Do capital gain tax apply to mobile homes? I bought the MH 4yrs ago and have been paying the taxes on it, the thing is That I had a problem getting the title transferred to me for the longest time I FINALLY got the title transferred 6 months ago and now I'm selling the MH at a nice profit The land is leased at $600, and I was a private buyer that bought from a private seller I already bought another home in FL 4 months ago and plan on moving there when this is sold Can the Capital G tax (if any) be deferred to the new home??? I am unemployed 56yrs old And these are primary residents for me It does show on the community lease that I have been here since 2017, but the tax office has the previous owner on their records paying the taxes up until 2021 Am I screwed😣brWORRIED😓
Comment from : Ted Zagami

Please help My mother passed in 2019, without a will I did an AFFADAVIT OF HEIRSHIP in 2022 Does my BASIS start in 2019 or 2022 ?
Comment from : Jamie Caldwell

My lady (we are not married so it has nothing to do with me) She brinherited aroun150k(all cash in 2017she got a letter I think in 2019 brstating she owed a capital gains tax(I thought it had to be a brmistake)she no property to sale just the cash I realize I lack a lot ofbr info So question should she have to pay capital gains on a cash on abr inheritance a friend that does taxes thought in the fact that the brexecutors of the trust her sister and husband did not like my girl
Comment from : Hal Kizerian

Our sibling passed and we two brothers are the sole beneficiaries After many hours of cost basis and sale price tax and Step-Up information, we submitted forms on the IRS free tax site Our many submissions have all been rejected We attended a tax seminar and learned that because our sibling lived in the home and property for many more than 2 of the past 5 years before she passed, therefore the 250K exclusion comes into play Since we sold for less than 250k more than the "basis"no capital gains tax is due And we were told that we do not even have to file Your thoughts?
Comment from : Patrick Kamins

Very informative This is what we are getting ready to go through My fiancé inherited his parents home in 2012 The house cost $30 thousands in the sixty Now it’s worth over $500 thousand So I guess we would need to see how much was it worth in 2012 to now ?
Comment from : Belinda Scott Full Armor

youtube/mDlnM481GcgbrbrRise Of The bankers
Comment from : mytree123

We sold our passed sisters home 2 + years after her death We do not know the value of her home at the time of her passing Other than using an expensive appraiser, will the IRS accept MLS property comparables of homes sold at the time of her death? We sold this inherited home for likely MUCH more than the value of the home from 2+ years ago Thanks!
Comment from : Virginia Tonelli

In stocks and shares account if selling a stock capital gains is more than £12,300 and in same account other stocks went into loss and capital gains in that account remains £2200 Do we have to either pay capital gains tax and inform HMRC or the capital gains is calculated as £2200 Please explain The tax year is from 06 April from current year to 05 April to next year
Comment from : Amandeep Singh

How do they figure out the new basis? The price of a house is just whatever you can get Someone might sell a condo for 100,000 and the exact condo next door might sell for 105,000
Comment from : Canyon Overlook