One of the first things to think about when inheriting a house is how taxes might affect you. The DiMora Team are real estate experts in the Novi and Northville neighborhoods, and we know that there’s a tax rule called the “step-up in basis” that can help. This rule allows the value of the property to be updated to what it’s worth at the time of the person’s death, not what it was worth when they originally bought it. Even with the step-up in basis, you might still have other taxes to consider. For example, if the estate is very large, it might be subject to estate taxes. Working with a tax advisor can help you understand how these rules apply to your situation, especially if you plan to sell the house or keep it. Check out below to see what is currently Listed for Sale in Casa Loma in October 2024:
47750 Casa Loma Court, Novi: 4 bedrooms, 5.2 bathrooms, 5,247 sq. feet, 4 car garage, Listed Price: $2,599,000
Casa Loma Home For Sale
October 2024
By considering all your options and consulting with professionals, you can make the best decision for your situation. Inheriting a house can be both a blessing and a challenge, but with the right information and support, you can navigate the process successfully and make choices that benefit you in the long run. For more information on Casa Loma, contact The DiMora Team today at 248-505-7728 or jim@dimora.com.