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Inheriting Your Parents House | Do I Have to Pay Tax On A House That I Inherited

Finance on a Budget 127 views

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Question I pay for the mortgage of my parents home , but am not on the mortgage loan I am however on the deed when they pass away does that mean I have to pay a high capital gains tax? Should I get on the mortgage or what advice can you share ?
Comment from : @fsalazar8187

Exploring US stock trading from Australia changed how I view investing With a 30 surge, I gained about $50,000 But it also revealed the complexity of its market factors it demands skill and strategy
Comment from : @BEAUTIFULDIANAFRANCIS

bullshi# ass goverment !!
Comment from : @dapfitz5

a lot of people doing this kind of video didn't mention in advance what country they are talking about because different country has different rules and tax implications
Comment from : @Cableman-hr2uu

You don’t pay taxes on inherited property
Comment from : @itguru2037

Article 22 of The 1836 Treaty of Peace and Friendship between the United States and the Moroccan Empire 🇲🇦 brbrChristians you might want to read (The Christian Black Codes of 1724) brbrTreaty of Tripoli, Article 11 brbrChapter 47 of the Holy Koran of the Moorish Science Temple of America brbrSource: Article VI of The organic Constitution (for) the united states of America brbrPublic Law 97-280
Comment from : @elyon9329

AND I AM MOVING OUT
Comment from : @NoxturnalArt

HOUSE PAID OFF
Comment from : @NoxturnalArt

what about primary residence in florida if i deed it 100 to my son and wants to live in it, ANY CAP GAIN or GIFT TAX
Comment from : @NoxturnalArt

Being your own property manager is only a little better than being your brain surgeon Always hire a good property management company They usually get better deals on contractors and that will more than pay for the 10 they charge
Comment from : @markdavis8888

Why does medicaid have anything to do with inheriting a house?
Comment from : @richardbeto1615

What if (in California) my parents originally purchased their house for $100k and when they pass it's worth $2M and I inherit the property and move into it Will I be obligated to pay property taxes on the $2M or can I take over the last amount they were paying?
Comment from : @WarbirdPylonRacer

What do you do when you had fallen embezzlement done? I need an attorney for Massachusetts
Comment from : @judyjudy01985yahoo

Title screen has typo -"burdons" should be "burdens"
Comment from : @njcanuck

what about putting House into a trust that specifies transfer to child when parents die?
Comment from : @h20bearboy65

life estate is what I have why didn't you mention this?
Comment from : @colleenlouise4521

Best video on this topic! Thank you!
Comment from : @ColtonJohnsonBrice09

What if I sell an inherited property immediately but it is sold below fair market value at a loss Can I deduct the difference from my taxes?
Comment from : @ScottLive1

For a professional, offering YouTube advice, would it not be wise to state some important facts at the beginning of the video: Country, state, year and a disclaimer that all information is current at the time of posting? I just watched this video in Canada, three years later, and none of this information is accurate I was three minutes into the video before discovering if this was USA or Canada content
Comment from : @ThisOldMan-ya472

For my small bit of assets I'm using a TODD (Transfer On Death Deed) for my home and a POD for bank accounts No need for probate or a trust I realize everyone's situation is different though
Comment from : @jeangreen432

This is all resumed as such: we always lose
Comment from : @TheSimmpleTruth

Put it into a living trust Once they pass away, its yours 100 no questions asked and no tax burden Its your house The property taxes will probably increase however
Comment from : @miketheyunggod2534

Please yes or no
Comment from : @PeterHernandez-lg2eh

How about a lease/purchase agreement aat market value or assessor's value with annual payments equal to the allowable non-taxible gift amount, such payments due to the parent or extate upon death?
Comment from : @rooster3019

taxation is theft
Comment from : @raymondlanier1112

This is a few years old Therefore get current information
Comment from : @pauljohnson7770

These laws are the reason we need to completely overhaul the tax codes …we pay enough with sales tax, property tax, and income tax Scrap inheritance taxes, capital gains taxes, and luxury taxes …
Comment from : @donaldmartin4980

"banks are evil"amen!
Comment from : @uncleronny6748

Dude learn to spell!
Comment from : @petercook3143

Beneficiary deed
Comment from : @cherylcampbell7495

It's bull shit , isn't that communism? all while government officials become millionaires
Comment from : @ThomasStallings-l8q

Excellent graphics and presentation
Comment from : @TotalFreedomTTT-pk9st

What if the house is paid for but parents had a home equity loan? When the parents pass away do the children have to pay that home equity loan or is it like credit cards that can be canceled?
Comment from : @markleshane9314

Thank youbrVery informative
Comment from : @leohammond6492

If you are in a state that allows it and the heirs are in agreement with it you might want to look at a Lady Bird Deed Up front cost are minimal, no probate, grantor maintain control of the house till death, live in a house for 5 years sell for less than 500,000 no capital gains tax Of course, Lawyers don’t like talking about it because they make less money on it
Comment from : @jameseler2898

Very well done vid My mothers home, which my wife and i live in as well, is in a Trust Fund for me But i'm still concerned that smthng can go wrong upon her passing What do i do when that time comes?
Comment from : @jw7688

Why is it so hard to find out if you have to pay taxes if you inherit a PAID FOR HOUSE and you just wanna keep it and live it?? I have literally found the answer to 100 other Obscure possible situations But the most basic situation Inheriting and living in it It’s like there is no information on it 🤷🏻‍♂️
Comment from : @michaelprivette9847

What happens to the Warranty deed if it is never executed and the seller dies to property tax owner? brHow do the buyer get found out that they are using the sellers disabled benefits on the property tax?brDoes LIFE ESTATE affect warranty deeds and when does that affect Property Tax?
Comment from : @diamond6256

Question for you! My father helped me and my kids by buying a house in 2015, only his name listed on the loan or deed I lived in it and paid the mortgage the whole time My father added me to the deed in Feb 2022 and we sold it July 2022 I took all profits from the home and applied to a new home Can I be considered owner for 2 years in this situation or do I have to break down my actually time on the deed?
Comment from : @WilliamRothamel-iw2tg

I inherited house and sold it 4 months later To determine house value for capital gains, should I have obtained an appraisal on the date I inherited it and the date I sold it?
Comment from : @TES-bt8sv

Thank you sir!!!
Comment from : @marniebrimhall986

The title of this video implies the parent is gone and therefore inherited 🥺
Comment from : @AcornHillHomestead

Failure of your tenants to pay rent would result in EVICTION If you let it go to FORECLOSURE that's on YOU
Comment from : @Goatbeez

Liked and subscribed Thank you for the thorough description of the capital gains tax I've shared this with several of my clients
Comment from : @alexjandick2712

Will the new king be hit with inheritance tax like the rest of us I think not
Comment from : @martinfulton4053

Just sold my dad's old house after fixing it up for 2 years since his death Who says what it was worth when he died? I say it was worth more than what I sold it for because I was hard to sell
Comment from : @martysk8r

I was with him until the reverse mortgage part He failed to give options to keep the house like a forward mortgage, buying it, use life insurance
Comment from : @TheThearchangel90650

What if the house inherited is no longer their primary residence but rather they have been renting it out to the heir, will there be a difference in taxes?
Comment from : @czardexter

burdens spelled correctly , not the one you have here " BURDONS"
Comment from : @rogelioasuncion2387

What if grandma and mom own house 50/50 mom pass away and the heirs her (kid) inherits house but house has debt does the person inheriting it also inherit the debt?
Comment from : @Chanwoods

Do you have any videos what to do if minor inherits the house? Can it be sold if guardians don't want to deal with it?
Comment from : @Ella_Amerika

Very nice video! I was surprised to see so little views good luck to your channel!
Comment from : @Ella_Amerika

I got a question so my mom inherited the house to me , but still owned by her if she get marry later does the new husband have right to house?
Comment from : @imtherain

Mom Granted the house to me and is still living in it this day I live at my brother's house and tax season is coming😬
Comment from : @W1LDWESLEY

What’s the tax on a sibling buy out?
Comment from : @staciyoung5689

I inherited my moms home there is 24k owed I pay the mortgage, taxes and homeowners insurance How do I get the property transferred in my name with less than perfect credit?
Comment from : @504girl_

Medicaid estate recovery can be waived if a parent spouse or first-degree child takes care of the person for a period of two years You must also prove that by doing so, you saved the state money and delayed admission to a institutional setting, such as skilled nursing facility, assisted living, home health/PCA services not covered under Medicare
Comment from : @jacksycz