On 05/19/21 22:40, gggg gggg wrote:
> Whatever they are called (inheritances taxes? estates taxes?), I still want to ask:
>
> - What if a person has been living in their parents' home and their parents die and they inherit the home?
>
> When selling the home, what percentage of the selling price of the home should they expect to pay in taxes?
>
> 20%? 30%? 40% More?
What state do you live in? Each state is different.
Why would you sell it if you're living in it?
In WA, it would be about 2% excise tax; there is no "inheritance tax".
The cost basis of the house is its value the day you inherit it, so
capital gains tax would be near 0 if you sell it immediately.