DEAR BOB: My daughter and I will soon be inheriting a rental property from my deceased husband. She will be 18 in four months. How long do we have to sell the property before we are hit with capital gains tax? Can we sell before she is 18? – Bibi K. DEAR BIBI: If title to the inherited property was in your deceased husband's name alone, you and your daughter's new stepped-up basis will be the property's market value on the date of his death (or alternate date used by his estate). Purchase Bob Bruss reports online. Because your daughter is a minor, she can receive title to real estate but she can't convey title until she is 18 (without a court-appointed guardian). Waiting at least four months to sell the property shouldn't be a problem. The only taxable capital gain might occur i...
Get Inman via Facebook Messenger
Our top headlines delivered once a day.