Author: earnestinecohen

In the event of a decedent’s real estate being sold, it’s important to consider whether the property is sold by the estate or has been transferred by the beneficiaries. “The profit is calculated based on the difference between the selling price and the cost basis,” Karu said. In addition, he elaborated, “The cost basis is the sum of the value per the inheritance tax return, if filed, or the appraised value as of the date of death plus any closing costs on the sale as well as expenses incurred while getting the house ready for sale.” ... Read more