Does selling dad’s home have tax implications?
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.