No Tax on Receipt
Receiving real estate through inheritance creates no tax event. The heir is not liable for betterment tax or purchase tax at the time of inheritance.
Sale of Inherited Property
When selling inherited real estate, the gain is calculated from the deceased's original purchase price and date. The preferred linear calculation may apply if the deceased purchased before 2014. The heir may qualify for the single-apartment exemption if the apartment was the deceased's only residence and is also the heir's only apartment.
Multiple Heirs
If multiple heirs share an inherited property, each pays betterment tax on their proportional share when the property is sold. Each heir's exemption eligibility is determined independently based on their personal circumstances.
Important Note: The information on this website is for general informational purposes only and does not constitute professional tax advice. Consult a qualified tax advisor before making financial decisions.