Category Archive

When it comes to inherited property, there are certain rules and tax implications that you need to be aware of. According to the IRS, you can claim a capital loss on inherited property if you sold it under specific conditions. These conditions include selling the …

Inheriting money or assets can be both a blessing and a source of confusion. One common question that arises is whether you need to declare inheritance money as income and pay taxes on it. In this article, we will provide you with the essential information …

A step-up in basis refers to the adjustment in the cost basis of an inherited asset to its fair market value on the date of the decedent’s death. This step-up in basis provision applies to financial assets like stocks, bonds, and mutual funds, as well …

If you recently received a 1099 for inheritance, you may be wondering why. In this article, we will demystify the reasons behind this unexpected form and help you navigate the complexities of inheritance tax reporting. Whether you are in Oregon or Washington, understanding the implications …

When you inherit a property as a beneficiary, there are several reasons why you might choose to have an appraisal conducted. Firstly, an appraisal helps in estate planning, as it determines the value of the property for tax and financial planning purposes. It provides crucial …

Are you familiar with the inherited capital gains tax loophole? It’s a tax provision that could help you save significantly on your capital gains taxes when you inherit property and investments. Let’s dive into the details and understand how this loophole can work in your …

Welcome to our informative article on inheritance taxes and federal tax regulations. If you have ever wondered how much you can inherit without paying federal taxes, this is the guide for you. Understanding the federal inheritance tax thresholds and estate tax exemptions is crucial for …

When you inherit a property, it’s crucial to determine its fair market value. This value plays a significant role in calculating your cost basis for tax purposes and making informed decisions about the property. Whether you’re dealing with inherited property in Oregon or Washington, this …

If you’ve recently inherited property in Oregon or Washington, you may be wondering about the tax implications. Specifically, you may be asking yourself: Is there capital gains on inherited property? Let’s dive into this topic and explore the ins and outs of capital gains tax …

When someone passes away, they leave behind various assets, including real estate, that are inherited by their survivors. However, dividing an inherited property among siblings can often lead to family disputes. There is no one-size-fits-all solution, as every family situation is different. In some cases, …

Inheriting property can provide financial stability, but it also comes with challenges and legal complexities. Understanding how to manage inherited property is crucial to effectively control your assets and maximize their value. This article will explore the nuances of handling inherited property, including types of …

Inherited property has always been seen as a valuable asset with the potential for long-term financial advantages. Many believe that inheriting property comes with benefits that can lead to increased profits and tax savings. One of these benefits is the tax policy known as “stepped-up …

The 6 month rule for step-up basis is an important provision that can have significant implications for estate tax and the tax consequences of inherited assets. Understanding this rule and its IRS regulations is crucial for proper estate planning and minimizing tax liabilities. Let’s dive …

When you inherit a property, it is crucial to understand the tax implications before deciding to sell it. Capital gains on inherited property are calculated differently than other assets. The taxable amount is the property’s sale price minus its market value on the date of …

When you inherit a house in Oregon or Washington, there are important factors to consider when selling the property. The process of selling an inherited house can be complex, especially if there are multiple heirs involved who may have different opinions on what to do …

Inherited property refers to property that is passed down to an heir through a will or estate. It can include houses, land, commercial property, or vacation homes. The value of the inherited property will depend on factors such as location, condition, size, and market value …

When it comes to selling an inherited home, many people wonder if they need to report the sale to the IRS. The answer is yes, in most cases, you do have to report the sale of an inherited home to the IRS. However, whether or …

Are you wondering about the tax implications of inheriting property? Understanding the rules and regulations surrounding inherited property can help you navigate the financial aspects of this situation with ease. In this guide, we will explore the tax implications of inherited property, including estate taxes …

When you inherit property or assets, you generally don’t owe taxes until you sell those assets. Capital gains taxes are calculated based on the stepped-up cost basis, meaning you pay taxes only on the appreciation that occurs after you inherit the property. Inheritance taxes, estate …

If you’ve ever wondered whether a death in your house can impact its value, you’re not alone. The topic of how deaths affect real estate prices is often surrounded by speculation and misconceptions. In this article, we’ll explore the truth behind the impact of a …

Deciding what to do with an inheritance can be a complex and emotionally charged process. One option that may come to mind is buying a house. But is it a smart move? Let’s take a closer look at the pros and cons of using inheritance …

Are you considering buying your parents’ house? Maybe you’ve heard stories of people purchasing their parents’ homes for just $1 and wonder if it’s possible for you too. Well, the answer is not as straightforward as a simple yes or no. While it may be …

When you inherit a home with a sibling, it can create emotional and financial stress. Unless the will states otherwise, ownership of the property is usually divided equally. If you and your sibling can’t agree on what to do with the property, a partition suit …

When multiple siblings inherit a house, they become co-owners of the property. This means they share the responsibility for property taxes, mortgage payments, and maintenance. The siblings must agree on how to use the inherited property, whether to keep it, sell it, or rent it …

When siblings inherit a house, disagreements can arise over what to do with the property. One sibling may want to sell the house, while the other refuses. In such cases, legal options are available to resolve the conflict and determine the best course of action …