how to avoid paying capital gains tax on inherited property
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Hi all amy Ornelas here Ornelas property management out of Denver Colorado yesterday my husband and I which is also my business partner went and spoke to our accountants about some business matters and at the end of our meeting our accountants asked if they could ask us a question that was not related to any of our stuff they had a situation it's actually coming quite common lately with their clientele that one of their clients had inherited a property 12 years ago and they the question to the client was how much was the property worth when you inherited it versus what they owed on it so example and I'm just gonna use some round figures here say my parents passed away and they grant me their house so they leave their house to me after they pass they owe $100,000 on their house the property is worth two hundred at the time I inherit the property's worth two hundred thousand five years later I go to sell it's now worth three hundred thousand so when I inherited the house it was worth two hundred thousand I'm still paying the mortgage on it there's there's that's a whole nother story and the video for the mortgage piece but say I in the fight you know at the end of five years I go to sell it and it's now worth three hundred thousand I'm not gonna pay capital gains tax of the hunt of the three hundred thousand minus the hundred thousand of what is owed I'm not gonna pay that two hundred thousand dollar deficit they're what I'm gonna pay capital gains tax on is when I inherited it remember it was two hundred thousand value and now five years later I'm selling it three hundred thousand I'm only paying on that hundred thousand dollar difference there of equity so that is my capital gains tax as a hundred thousand versus the two hundred thousand so what makes a huge difference in your taxes anyway hope you all keep those questions coming I was phenomenal that the our own accountants asked us for some personal advice and hope you guys have a great day today it's beautiful outside enjoy the Bronco parade and I will see you later bye guys

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