lynne
Clarisse wrote:
Please correct me if I am wrong I am trying to remember the rules on
inherited property.
When someone inherits a house it is not a taxable event until the day
it is sold and then the basis must be calculated ie. the value at the
time of death. Am I correct on thinking this?
When someone inherits cash it is not taxable unless interest is earned
on the cash - then the interest is income or if the cash was income to
the decedent. Am I correct on thinking this?
Any input is very much appreciated. Thanks.
