Comment by binlog
2 days ago
They aren't going to sell it, they'll pass it to their children and the cost basis will reset. Their children will then sell it and pay zero tax.
2 days ago
They aren't going to sell it, they'll pass it to their children and the cost basis will reset. Their children will then sell it and pay zero tax.
Then it would be taxed under inheritance tax (at the full value of the property - not just the gains).
Edit - I’m wrong, I am uk based - just read up on US, wild that you can inherit a house that’s gone up in value massively then sell it and experience no gains or inheritance tax.