Sale of House During Probate

I live in California and my cousin left my sister and I her house in San Francisco, CA in her will. Both of us agree that we want to sell it. We found out that it was better to sell it during probate because we would not have to pay the transfer tax.

We have a real estate agent who specializes in probate estate sales.

When we receive the money from the sale of the house, will we have to pay any kind of Federal or State taxes on it?

Thank you in advance for any assistance you can provide.

Loricarbo

If I understand your situation correctly, you are not talking about the death tax chargeable to the estate. It is the estate that would be responsible for any capital gains tax on the sale of the home during the probate. While the two of you will be taxed personally for having inherited Xdollars. OK?

Attorney_Replogle said:

If I understand your situation correctly, you are not talking about the death tax chargeable to the estate. It is the estate that would be responsible for any capital gains tax on the sale of the home during the probate. While the two of you will be taxed personally for having inherited Xdollars. OK?

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RE: Response from Attorney Replogle
Thank you for your response to me re: Sales of House During Probate.

I have an additional question to you. You mention death tax chargeable to the estate. Is this the tax that we are being charged in relation to the % of the estate we received?

Thank you,

Loricarbo