101 \\ Inheriting Property? How Taxes Work on Houses, Land, and Investments
- Author
- Tiffany Phillips - CPA, Small Business Money Mentor, Financial Expert
- Published
- Mon 06 May 2024
- Episode Link
- https://smallbusinessfinance.podbean.com/e/101-securing-your-inheritance-tax-strategies-and-estate-planning-simplified/
What really happens to your taxes when you inherit a house, land, or investments? In this episode, we explain how inheritance works, what a “step-up in basis” means, and why you probably won’t owe taxes if you sell quickly. You’ll also learn about estate taxes (often called the “death tax”), gift tax rules, and how trusts can play a role in reducing future tax liabilities. From understanding when taxes apply to planning strategies for high-net-worth estates, this episode helps you feel confident and clear about what to expect when receiving assets from a loved one.
Next Steps:
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