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Dianne Williams Wildt, MBA
Certified Retirement Counselor®
Since 1983 in the financial services and investment industry
Retirement Pathways, Inc.
4500 Bowling Blvd., Suite 100
Louisville, KY 40207
Phone: 502-797-1258
Email: dianne@retirementpathways.com
Website: www.retirementpathways.com
November/December 2022
Inheriting a House
The decision of what to do with a house that passes to you as a part of an inheritance may be an emotional one, especially if it was your childhood home. While you have options, having the house appraised by a qualified appraiser and consulting your legal and insurance professionals should be your first steps.
1. Sell the House.
You’ll receive a step-up in basis to the home’s value at the date of the owner’s death. If you sell the house for its assessed value, you won’t owe capital gains tax on the sale. However, if you sell the house later at a higher price, you’ll owe capital gains tax on the difference between the selling price and your stepped-up basis.2. Become a Landlord.
Renting out the house can provide extra income, but you’ll be responsible for maintenance and property taxes. Be aware of IRS rules regarding rental property and deductible expenses.3. Make It Your Home.
You could choose to live in the house yourself. Make sure you have an emergency fund in place to cover unexpected expenses.CONTACT US
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Investment advisory services offered through American Capital Management, Inc., a State Registered Investment Advisor. Retirement Pathways, Inc. is independent of American Capital Management, Inc.
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