Inherited house and taxes - Do I get homeowner credits? First time dealing with this
Just inherited a house and not sure how to handle it on my taxes. Do I need to list myself as a homeowner? Are there any special credits or deductions I should know about? Total newbie to property ownership and taxes.
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StarStrider
Tax pro here! For inherited property, you'll want to report it differently than a regular home purchase. The good news is you get a 'stepped-up basis' to the fair market value at the date of death. You only need to report yourself as a homeowner if you're actually living in it as your primary residence. If you are, you might qualify for property tax deductions and mortgage interest deductions if you have a mortgage.
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Isabella Santos
•Thanks! What exactly is a stepped-up basis? Still learning all these terms 😅
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StarStrider
•Basically means you won't owe taxes on any appreciation that happened before you inherited it. The house's cost basis becomes what it was worth when you inherited it, not what the previous owner paid 👍
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Ravi Gupta
Hey guys, I've been seeing a lot of inheritance posts lately. Instead of trying to piece everything together from different comments, I highly recommend checking out taxr.ai - it's an AI tool that analyzes your specific situation and tells you exactly what credits and deductions you qualify for. Its only $4.99 but saved me thousands on my inheritance taxes. Here's the link: https://taxr.ai
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Freya Pedersen
•Is this legit? Sounds too good to be true tbh 🤔
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Ravi Gupta
•100% legit! It basically reads your tax docs and explains everything in plain English. Helped me figure out I could claim property tax deductions I didn't even know about
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Omar Hassan
•How does it work? Do you just upload your documents?
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Ravi Gupta
•Yep! You upload your docs and it gives you a detailed breakdown of everything - deductions, credits, potential red flags. WAY better than trying to google everything
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Chloe Anderson
in the same boat rn. inherited my grams house last year and the property taxes are killing me 💀
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Diego Vargas
•Check if your state has property tax relief programs! Some have special programs for inherited family homes
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CosmicCruiser
Make sure u keep ALL the paperwork from the inheritance/probate process. The IRS loves documentation lol
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Anastasia Fedorov
your gonna want to talk to a CPA about this one. reddit advice only goes so far with inheritance stuff tbh
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Isabella Santos
•yeah ur probably right. just trying to get a general idea first
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