What taxes do I have to pay on an inherited house? 4 Answers as of November 17, 2010

You do not need to pay an income or capital gains tax on real property you inherit. This is because when you inherit real property, you also inherit the "basis" or "value" of the property as of the time the person died. When you sell the property, however, you will be required to pay a "capital gains" tax based upon the increase in value between your basis and the actual sale price of the property. In addition, you may have to pay taxes if the property is used as an investment property.

You are, however, required to pay the property taxes. These are due yearly, but can be paid bi-annually. You should contact your county treasurer for information about the amount and due dates.

Property taxes: if you live in Florida, no inheritance or estate taxes.

Typically, any gifts which exceed $10,000 may be taxable. You should contact your accountant and/or your tax attorney to determine whether or not the gift of the house is a taxable event, if so, how much is taxable and at what percentage. You will need to provide more information than is available in your post for firm answers.

You may contact our office to schedule an appointment if you have further questions or if you need assistance with this issue. You can also schedule an appointment or obtain additional information at our website. Thank you.

The Federal government does not impose any "estate taxes" for the estates of people dying in 2010. (Congress has until 12/31/10 to change its mind about that.)

"Inheritance taxes" are imposed by the States. So you need to tell us the state in which you live before we can answer that question.