Ask Terry Questions Maximizing my annuity ,Minimize taxation on inherited

Maximizing my annuity ,Minimize taxation on inherited

By Terry Savage on June 17, 2024 | Financial Planning / Retirement

It was a pleasure meeting you last week at the emerge Financial Health conference at the Marriott .I sent a email with my annuity
Annuity investment graph attached .How do I minimize my taxation on inherited house?
Be blessed !

Terry Says

I can’t give specific advice on how you invest your variable annuity.  And if you inherited a house, then your new “cost basis” is the value on date of death of the person who left it to you.  I suggest you immediately get an appraisal in writing, from a certified appraiser, and then when you ultimately sell the house, you will have that number to use as a cost basis for any applicable taxes at that time.

There is no taxation on the house now, as you inherit it.  Only when you sell.



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