rebas66
Jun 12, 2012, 11:57 AM
My mother owned her home. She passed away at the beginning of the year. Do I need to pay taxes on the sale of my deceased mother's home?
AtlantaTaxExpert
Jun 12, 2012, 01:31 PM
Probably not, because the basis for the home is "stepped up" to the fair market value of the home on the day of her death.
Given that less than six months have passed since that date, it is unlikely that the house has increased in value enough to exceed the costs of the sale (which run from 3 - 10% of the house's sale price) that are added to the stepped-up basis.