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@tkhealthfinds: #tiktokshopblackfriday #tiktokshop #bloodsugar

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Wednesday 26 August 2026 22:00:00 GMT
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If your parents leave you their home, will you owe a huge tax bill? Not necessarily. Thanks to something called a step-up in basis, the value of the home resets to fair market value on the date you inherit it. So if your parents bought it for $100K and it’s worth $500K when you inherit, your “basis” is $500K. If you sell it right away for around that amount, you likely won’t owe capital gains tax. You’d only owe taxes if the house appreciates more after you inherit it and then you sell. You’ll still be responsible for property taxes, insurance, and upkeep in the meantime. Always check if your state has its own inheritance or estate taxes, but federally most families don’t face a big tax hit just for inheriting a home. —— #moneytips #financetips #estateplanning #inheritance
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