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As an heir you do not owe any taxes when you inherit property - there is no inheritance tax in CA. But when you later sell the property you may owe capital gains taxes if the property appreciated in value during the time you owned it. Your cost basis for determining whether you have a capital gain is the fair market value of the property as of the date of death of the person you inheited it from. The executor of the estate is responsible for telling you what that amount is. |
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