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Dave CPA
Dave CPA, Accountant
Category: Tax
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Experience:  Vast knowledge within the accounting/tax industry
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My mother is 83 and we live together. I am only child and

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My mother is 83 and we live together. I am only child and my dad passed away in 2008. She updated her Will a few years ago and left everything to me. Would I have to pay inheritance tax since my name is XXXXX XXXXX the deed to the house?

There are no federal income taxes on inheritances.

You would receive the house and your cost basis of the house would be the fair market value on the date of death. You would be liable for taxes if you sell the house for a value greater than what you inherited for at a latter date.

Please let me know if you have any questions before you rate my answer. A positive rating is what I strive for. Regards Dave
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