My elderly mom passed recently and I will get the house. It's a nice place on the lake, tax value about $800k.
From the research i did, it seems like i may be hit with a large tax bill if i sell as-is. Basically, i would need to pay income tax on $800k. First, am i understanding that correctly?
What if i were to renovate and live there for a few years, then sell? Would that change my tax exposure? Would the renovations be deductible in any way?
What if i renovate and rent it out full time? Do I still need to pay income tax on the house, or would I just be on the hook for the earned income the property produces?
Any help would be greatly appreciated.
Submitted September 05, 2017 at 10:11AM by 30_percent_better http://ift.tt/2vI13gX
