Does sell­ing dad’s home have tax im­pli­ca­tions?

Baltimore Sun Sunday - - REAL ESTATE - By Ilyce Glink and Samuel J. Tamkin

worth around $300,000 when he died, you in­her­ited the home at that value; and when you sell it, you have no profit.

Also un­der cur­rent tax law, it’s likely that your dad’s es­tate owes no tax on the home ei­ther. In 2018, when some­one dies, the es­tate can ex­clude up to $5.6 mil­lion from fed­eral es­tate taxes. So your dad’s es­tate wouldn’t owe fed­eral taxes ei­ther — un­less he died with more than $5.6 mil­lion in his es­tate. Depend­ing on the state in which you live, how­ever, you may owe state es­tate tax or trans­fer taxes on the sale of the prop­erty.

For more in­for­ma­tion, please con­sult with an es­tate at­tor­ney or tax pro­fes­sional.

ALEX SLOBODKIN/GETTY

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