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Capital gains. It adds up when your home is worth millions..
by almost_usual 8y ago
Capital gains. It adds up when your home is worth millions..
- skybrian 8y agoNot a tax accountant, but my understanding is that the cost basis gets reset when the property is inherited. If the home was already worth millions there wouldn't be any capital gains tax on it. (There only would be if prices go up more after inheritance.) https://www.investopedia.com/ask/answers/073115/how-cost-basis-calculated-inherited-asset.asp https://www.investopedia.com/ask/answers/073115/how-cost-bas...