I am the administrator of my mother’s estate in Colorado. She did not have a will when she passed in 2023. I am in the process of selling her house, but since her house was not bequeathed to any of my siblings or me, I want to know what the tax obligation will be on the gains. The house was purchased in 1995 and will sell for considerably more in 2024. Does the estate have to pay taxes on the entire gain? Or would my siblings and I (who will receive equal shares of the inheritance) only pay taxes on the stepped-up gains?
