Hi Folks
If a niece inherited their aunts house at a valuation of 500k and paid the inheritance tax bill on the valuation of 500k, if then down the line the niece sold the house for a higher amount than 500k would they be liable for a tax bill on the difference between increased price and valuation price (500k)? This would be the nieces only residence, it would be her primary residence
Thanks for any advice
If a niece inherited their aunts house at a valuation of 500k and paid the inheritance tax bill on the valuation of 500k, if then down the line the niece sold the house for a higher amount than 500k would they be liable for a tax bill on the difference between increased price and valuation price (500k)? This would be the nieces only residence, it would be her primary residence
Thanks for any advice