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Reply to "Inheritance debacle. WWYD? "
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[quote=Anonymous][quote=Anonymous][quote]The tax basis for the house was the value on the day the mother had died, so there were no tax consequences in waiting. The value had gone up in the years since the mother's death, but not enough to trigger tax on the profit.) [/quote] Any increase in value from date of death to date of sale is taxed as a capital gain. So if the value had gone up they owed tax.[/quote] Yep, that's right– my cousin must have meant for the brother who was living in the house. Sorry, I know that, but I didn't think it out for the siblings. They did jointly make some improvements to the house also, so they were probably able to add those amounts to the day of death basis. [/quote]
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