I'm new here. I have a question. If you're inheriting a property that you aren't going to live in, is it best to get the deed put in your name or an LLC? I won't be actually moving into the property and will possibly renovate and rent it out.
Welcome to BP @Tamara Allen !
For tax purposes, it really does not matter if you put the inherited property in your name or transfer the property into a Limited Liability Company (LLC). However, there can be some legal benefits with a LLC.
It is important to take note that you do get a "step-up" in basis with the inherited property. For example, let say the person who bequested the property paid $100K ten years ago to acquire the property. When you received the bequested property, the fair market value (FMV) of the property is $300K. Your new basis in the inherited property is now $300K. Hence, it maybe a good time to also sell the property without having any tax gains.
Thank you so much for your reply. Still learning and growing.