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Deductions & credits
You will owe capital gains tax on the difference between the value of the home on the day the previous owner died and the price you sold it for. As long as you sold the home within a reasonably short time after inheriting it, then you probably don’t actually owe any tax, even though you must report this on your tax return, Because the sale price is usually a good estimate for the value at the time of the inheritance if they occur close together.
June 28, 2020
2:11 PM