tax including Connecticut, Indiana, Iowa, Kansas, Kentucky, Maryland, Nebraska, New Jersey, Oregon, Pennsylvania, and Tennessee. An inheritance tax is different from an estate tax, which is a tax levied on an entire estate before it is distributed to individuals. If you decide to sell the inherited home, you will probably be required to pay capital gains tax on the difference between what you net from the sale and your basis, which is the purchase price plus improvements minus depreciation. As with any real estate transaction, it is always recommended to obtain legal and tax advice from licensed professionals who are familiar with your specific situation.
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