Usually, people have questions about inheriting a house. Some want to talk about the tax consequences of selling a Los Angeles Inherited house. The tax implications can seem confusing. Most people don’t know what they are going to do with an inherited house. Before you try to sell a house you’ve inherited, make sure you have the answers to your most important tax questions. Tax Consequences of Selling a Los Angeles inherited House Does the Home Sale Tax Exclusion Apply to Inherited Property? Ordinarily, when you sell your home, the tax law gives you an exclusion of $250,000 (or $500,000 for married couples filing jointly). That means you don’t have to pay taxes on the first $250,000 (or $500,000) of profit you gain from the sale of the house. However, when you sell inherited property, you don’t qualify for that tax exclusion. In order to qualify, you would have to live in the home for at least two years, using it as your primary residence. So the short answer is no, you won’t qualify for the $250,000/$500,000 home sale tax exclusion. What Are the Stepped-Up Basis Rules for Inherited Property? You do qualify for a stepped-up basis. Under ordinary circumstances, [...]