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Tax obligations on an inherited house
Can someone help me with a Probate situation. My Father past away May5th 2021 and I am just starting the probate process. He owned a house free and clear worth approx 115K. What will be the tax requirements after put in my name whether I sell or possibly keep for a rental property? Basically what are a couple options I could face? I am in Tulsa Oklahoma area. Thank you in advance!
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@Daryl King I'm sorry to hear about the passing of your father. This is a question worth seeking out a knowledgeable CPA! If you are looking to possibly get into the real estate rental world with this property, you are probably going to want to hire a CPA anyways to make sure you're filing taxes correctly. A good CPA will more than pay for themselves with the tips they can provide you to reduce your taxes.
If you do decide you don't want that property anymore, let me know because I buy properties in Tulsa. Best of luck and let us know what you decide to do!