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What taxes effect an inherited home that has greatly appreciated in value since it was purchased?


Me and my 3 sisters recently inherited a home from our father. He lived in the home for over 40 years and the home has increased in value significantly over the years. We would like to rent the home out and keep it in the family for now, hopefully it will continue to grow in value. Is there any special tax situations we should be concerned about. Our dad owned the property outright, no liens on the property. All city and property taxes are paid up to date as well.

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Taxes

Must a renter pay late fees for late rent payments if the lease contains late payment penalties?
Simple answer is that you have to pay whatever the lease you signed says....

I have worked for this employer for only three weeks. The employer makes up his own rules as to what he chooses to report for the purpose of property taxes. He tells me to "let them come after us". He defines Entertain
He arrogantly insists, "let them come after us." Well, if you are invo...

Hi, I am a breeder of show great danes and all my danes that I sell carry my kennel name. One of my offspring, from two of my own great danes has produced a puppy that I sold to another party and that puppy has now becam
It's poor form to use a name the owner doesn't want you to use. Howeve...

I was fired on June 3, 2002 in Massachusetts because I reported discriminatory behavior by the employer towards a particular nationality. In July I filed a discrimination/retaliation complaint against the employer with t
It seem sin your case that the fact you filed the complaint prior to being dissa...

Am I obligated to pay on a home equity line of credit that has been discharged through chapter 7?
The reaffirmation is done through the payments you have been making to the compa...


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