example. house is inherited in jan 2021. official paid assessment value is 700k. 3 years later the house is sold for 926k.
there is the usual capital gains assessment discussion which we beat to death.
but the 226K difference between value at inheritance and value at sale is subject to personal income tax.
related...if you are on SS, and you decide to file separate to isolate a spose from incorporating the 226k into their income...SS has a safety net which will max out your IIRMAA. file joint and your IRMAA could be as low as 96 per month.....but..just by filing seperate...your IRMAA could be 396 per month .
