I inherited a home

Do I have to pay inheritance tax. My mother filed a deed upon death to name my siblings and I. They signed it over to me to get the money out of the house. Do I owe taxes for that?

posted

There currently is no federal inheritance tax, but some states do have one. You would only owe income taxes on the sale of the property if you sold it for more than it's fair market value on the date your mother died.

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