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All About the Stepped-Up Basis Loophole - SmartAsset
WebMar 17, 2024 · Sale of an Inherited House in New York: After the probate is completed, ... Transfer tax; Property Tax: Capital Gains Tax: Capital gains tax is imposed when you sell the house, not while inheriting it. The IRS (Internal Revenue Service) authority levies the tax on a stepped-up basis. New York imposes the standard capital gains tax at a rate of ... WebMar 24, 2024 · Capital gains tax on the jointly owned inherited property will be evenly split, based on the ownership stake, for each owner that inherited a piece of that … seeds from china scam
Tax Consequences of Selling an Inherited Home - LegalZoom
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