So, you're lucky enough to inherit a house, but worried about the potential tax implications? A listener asked Todd if they needed to put the house in a trust to dodge those nasty taxes. Is that right? Not so fast!
When you get your hands on that house, its value magically 'steps up' to what it's worth right now. That means if you sell it immediately, you're off the hook for capital gains tax!
And the best part? This isn't just for houses. Stocks, bonds, you name it, they all get this 'step up'. But remember, every situation is unique so it's always smart to consult an accountant.