You have inherited a house… now what? Inheriting a house while often a generous gift can also be the start of an emotional journey. It is common to inherit property as a result of a loved one’s death, and now you have several choices ahead of you as a result.
To best navigate your situation, you should seek the advice of a tax and or finance professional to truly understand your position. We are not tax professionals, and this article is merely a guide to outline some of the options you have available. With professional guidance, you will know all your options and should have a clearer path forward!
Do I Owe Taxes On Inherited Property?
One of the most common questions we see when someone inherits a house is “Do I owe taxes on this?” Vermont does not have an inheritance tax, but it does have an estate tax, and of course the federal estate tax. The estate tax in Vermont is intended for the estates of Vermont residents, and the estates of non-residents who owm ...