All Forum Posts by: Daryl King

@Aaron Zimmerman, this current market will probably be very beneficial for this as well I would think. These properties have never been so high, so should cushion some if and when I do decide to seal some years down the road. Thanks for reply!

@ Nate Sanow, thanks for the reply. I actually am getting into building my portfolio so just so happens I can take this sad situation and make it a profitable one as well. I will use leverage most of the time as well but do have two properties free and clear which is definitely peace of mind!

@Douglas Spence, thank you for the response

@Tom Ostasik, thank you!

@Bill Brandt, thank you for that explanation. I Didn't think about that!

@John Teachout, thank you!

If I understand right, if at time of death the house is worth 115k, then I sell at 120k, I will just be taxed on the 5k? Would there be a difference between selling in 1st year or 5 years later, does the step up or  step down still apply the same?

also do you know how I would be taxed if I kept as a rental for several years?

thank you for you response 

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!