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Inheriting Property: Key Steps You Need to Know If you’ve inherited a property, there are important steps to take to ensure you’re managing it wisely. First, consider getting the property appraised to determine its stepped-up value, which reflects its fair market value at the time of inheritance. This is crucial for understanding your tax basis. If you sell the property for more than its fair market value, you may owe capital gains taxes on the profit. Alternatively, if you convert the inherited
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Katherine | CERTIFIED FINANCIAL PLANNER™ for Inheritors on Instagram: "Our budget as multi-millionaires and future inheritors: $2,200/month - childcare $2,000/month - debt on our house (paying off a basement reno, we don’t have a mortgage) $1,800/month - groceries and food out We have other expenses that are bigger (property tax, yard work) but sporadic - these are our top 3 biggest monthly expenses. Except we’re going to spend $400k finishing our basement this year. And I talk about ALL of it o
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