INHERITANCE TAXES IN CALIFORNIA

Forum|Forum|4 years ago
June 8, 2022
1 reply
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How is it best navigated for the inheritance tax in California when a home is involved? Also, is there any way to minimize the taxes on homes sold beyond the standard exemption?

Bsch4477

Level 15

There is no estate or inheritance tax for California assuming that the home is sold soon after it was inherited so that the value at the time of the decedent’s death is the same as the value of the sale.

hnl66Author

Level 2

Thanks Bsch4477 and any other options for selling the home and minimizing the tax implications beyond the standard $250K per owner?

Bsch4477

Level 15

The $250 K exemption only applies for the primary home owner not to a beneficiary. Did you inherit the home and then lived in it as your primary home? If you inherited the home and then sold it promptly there is no tax liability.