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Inheriting a home or other property can increase the value of your estate but it can also result in tax consequences. If the property you inherit has appreciated in value since the original owner purchased it, you could be on … Continue reading →
The post How to Avoid Paying Taxes on Inherited Property appeared first on SmartAsset Blog.
Inheriting property or other assets typically involves filing the appropriate tax forms with the IRS. Schedule K-1 (Form 1041) is used to report a beneficiaryâs share of an estate or trust, including income as well as credits, deductions and profits. … Continue reading →
The post A Guide to Schedule K-1 (Form 1041) appeared first on SmartAsset Blog.