Alright you brilliant professionals in the real estate/tax/$ business, i have a question...asking for a friend
Hypothetical scenario:
Family member passes away and all acreage/dwellings (1800 square foot house and doublewide mobile home) are left to another family member in the will. The property is currently being probated into the name of the family member it was willed to. If that family member turns around and sells all property/dwellings left in LESS than a year are they stuck paying the govt a chunk(capital gains, inheritance, death tax?)
If so, is there a way around this such as waiting for a year prior to selling all property?
Ease out both dwellings for a year for a year then sail?
Any and all advice is thoroughly appreciated!
Thanks ODT!
Hypothetical scenario:
Family member passes away and all acreage/dwellings (1800 square foot house and doublewide mobile home) are left to another family member in the will. The property is currently being probated into the name of the family member it was willed to. If that family member turns around and sells all property/dwellings left in LESS than a year are they stuck paying the govt a chunk(capital gains, inheritance, death tax?)
If so, is there a way around this such as waiting for a year prior to selling all property?
Ease out both dwellings for a year for a year then sail?
Any and all advice is thoroughly appreciated!
Thanks ODT!