Probably not. Inherited property receives a step-up in basis that usually eliminates any capital gain. The only gain would be any increase in value to the property between the time of your mother’s death and its sale.
Access more information about step-up basis and capital gains taxes in the following articles:
- Step-Up in Basis and Why It Matters in Estate Planning
- Do You Pay Capital Gains Tax on Property You Inherit?
- 5 Things to Know to Reduce Your Tax on Capital Gains
Harry S. Margolis practices elder law, estate, and special needs planning in Boston and Wellesley, Massachusetts. He is the founder of ElderLawAnswers.com and answers consumer questions about estate planning issues here and at AskHarry.info.
