Will I have to pay capital gains taxes on inherited home in Texas?

Question
Submitted 559 days ago ..

Morals551

New User (1)
Inheriting property
I was told there is no inheritance tax on property as long as it wasn't sold, is this true?
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Answers
Answer 1 / 1 - Submitted 559 days ago ..



guido

Expert (990)
Not necessarily true. The total estate, including property, will have a value at the time of inheritance. Each state has different inheritance taxes, if any, so I can't say if you will owe. If taxes are owed, its the estate that pays, not the individual. Assuming the total estate is not taxed you(or someone) will get the property. At the time you get the property it will be assessed a Fair Market Value(FMV). Say its $100K. If/when you sell the property if you get more than the $100K you will owe taxes on the gain. If you sell it for less, you can take a loss.