This video will help you figure out if this could be your circumstance. This can occur when someone in the family dies and the home is transferred to another person. Some people might be wondering how much taxes they’ll have to cover on the property when they decide to sell it for example. The tax amount will be different based on the name of your house and various other variables.

Step up and basis may be an option if the property is an inherited piece. This can help to account for an increase in the property’s worth since the initial purchase. As an example, if the property was purchased initially for $100,000 , and then tripled in value over the years, you can sell the home at the current price and pay any additional taxes. This is however only valid if you are able to sell it within the time that the owner is gone. If you earn additional money following the death date it is not protected, and you do have to pay taxes on the amount. z17j4yq6zj.