Inheritance Tax (or any other kind)

[Horn_Spanker 524]

Parents die, no trust, I'm an only child, got their house in my name, now want to sell.  House valued at about $700k.

What will I face in taxes?

Thanks,

Do I need a CPA, tax lawyer, etc.  Recommendations in Austin..

Edited April 28, 2022 by Horn_Spanker

[Dr Fear 1290]

How did you "get the house in your name?"

Assuming everyone and the house is in Texas, then you shouldn't own anything in taxes.  The Texas and federal inheritance tax exemption in 2021 was $11.7 million.  The house should "step up" on your parent's death to the value on that day.  You (or the estate) would be responsible for IRS taxes on appreciation from their date of death until it is sold.  I would still want a CPA to handle all that.

[Quagmire 2148]

Can I borrow 700k?

[TwiceHorn 32081]

44 minutes ago, Dr Fear said:

How did you "get the house in your name?"

Assuming everyone and the house is in Texas, then you shouldn't own anything in taxes.  The Texas and federal inheritance tax exemption in 2021 was $11.7 million.  The house should "step up" on your parent's death to the value on that day.  You (or the estate) would be responsible for IRS taxes on appreciation from their date of death until it is sold.  I would still want a CPA to handle all that.

Yeah, you need to file a final tax return for the deceased and an estate tax return that will establish no liability as well as the "stepped up" basis for any inherited property.

[Horn_Spanker 524]

7 hours ago, Dr Fear said:

How did you "get the house in your name?"

 

Several years ago we filed a "Transfer Upon Death Deed".  Upon death I filed an "Affidavit of Death".  County now has it in my name.

So, I need a CPA instead of a lawyer?  Get one here in Austin near me, or in the county the house is?  I'm floundering here, never inherited or sold a house before. 

 

[Gil Bang 26241]

2 hours ago, Horn_Spanker said:

Several years ago we filed a "Transfer Upon Death Deed".  Upon death I filed an "Affidavit of Death".  County now has it in my name.

So, I need a CPA instead of a lawyer?  Get one here in Austin near me, or in the county the house is?  I'm floundering here, never inherited or sold a house before. 

 

As far as selling the house, those of us on the real estate thread on 6th board will be happy to hold your hand the entire way. 

[kmac30 416]

Several years ago we filed a "Transfer Upon Death Deed".  Upon death I filed an "Affidavit of Death".  County now has it in my name.
So, I need a CPA instead of a lawyer?  Get one here in Austin near me, or in the county the house is?  I'm floundering here, never inherited or sold a house before. 
 

Get one local who you can work with. No reason they need to be in the same county as house.