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2810 Fieldstream Drive North
Wilson, NC 27896
Phone: 252-237-4357
Fax: 252-243-2681
November/December 2022
Inheriting a House
The decision of what to do with a house that passes to you as a part of an inheritance may be an emotional one, especially if it was your childhood home. While you have options, having the house appraised by a qualified appraiser and consulting your legal and insurance professionals should be your first steps. Then decide which option to take:
Sell the House
You’ll receive a step-up in basis to the home’s value at the date of the owner’s death. If you sell the house for its assessed value, you won’t owe capital gains tax on the sale. However, if you sell the house later at a higher price, you’ll owe capital gains tax on the difference between the selling price and your stepped-up basis.Become a Landlord
Renting out the house can provide extra income, but you’ll be responsible for maintenance and property taxes. Be aware of IRS rules regarding rental property and deductible expenses.Make It Your Home
You could choose to live in the house yourself. Make sure you have an emergency fund in place to cover unexpected expenses.Flip It
If the house is a bit outdated, you may be able to renovate and then sell it for a profit.CONTACT US
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Active Planning & Investment Solutions and LTM Client Marketing are unrelated companies. This newsletter was created by LTM Client Marketing and was not written or created by the named financial professional and does not necessarily represent the views and opinions of Avantax Wealth Management® or its subsidiaries.
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