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Tom Meaglia, ChFC®, AEP®,

CLU®, CRPC®, MSFS

Chartered Financial Consultant

Investment Advisor Representative

Chartered Retirement Planning Counselor

CA Insurance Lic. #0567507

 

Meaglia Financial Consulting

2105 Foothill Blvd., #B140, La Verne, CA 91750

 

Toll Free: 800-386-3700

Bus:         909-593-6105

Cell:         818-681-8600

Fax:         909-593-6120

 

Email: tom@meagliafinancialconsulting.com

Website: www.meagliafinancialconsulting.com

November/December 2022

Inheriting a House

Inheriting a House

The decision of what to do with a house that passes to you as a part of an inheritance may be an emotional one, especially if it was your childhood home. While you have options, having the house appraised by a qualified appraiser and consulting your legal and insurance professionals should be your first steps.



1. Sell the House.
You’ll receive a step-up in basis to the home’s value at the date of the owner’s death. If you sell the house for its assessed value, you won’t owe capital gains tax on the sale. However, if you sell the house later at a higher price, you’ll owe capital gains tax on the difference between the selling price and your stepped-up basis.

2. Become a Landlord.
Renting out the house can provide extra income, but you’ll be responsible for maintenance and property taxes. Be aware of IRS rules regarding rental property and deductible expenses.

3. Make It Your Home.
You could choose to live in the house yourself. Make sure you have an emergency fund in place to cover unexpected expenses.


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