Inherited a home in a trust? Watch out for property tax reassessment. A trust can avoid probate and still not protect your property taxes if you miss the residency and homeowner exemption steps. This mistake can raise taxes permanently. General info only, confirm rules with your county assessor or an estate attorney. #realestate #tax #trust
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Inherited a home in a trust? Watch out for property tax reassessment…
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Inheriting a home through a trust can bring up a lot of questions, especially when it comes to taxes and timing. Many beneficiaries don’t realize that when a property is inherited through a trust, its value is usually “stepped up” to the fair market value as of the date of death. That means if the home is sold shortly after often within a year the sale may result in little to no taxable gain. In some cases, after real estate commissions and closing costs, it may even show a loss on paper. Howeve
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