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If you rent your inherited house, your capital gains tax is higher. If you inherit a house that you don't want to live in, you can sell the house or rent it out. If the market's flat right in your area, renting may be the better financial option.It will have an effect on your taxes, though, so take that into account when choosing your options.eassessment. Whether you rent or live in the house, you may see higher property taxes than the former owner. California law limits increases in assessed value to 2 percent a year. When the house changes hands, it gets reassessed to its real worth.
To determine if the sale of inherited property is taxable, you must first determine the basis (your cost) of the property. The basis of inherited property is generally the fair market value at the date of the decedent's death.If you sell the property for more than your basis, you have a gain on the sale, which is reported on Form 1040, Schedule D Capital Gains and Losses.tonalc1 Â· 9 years ago.f they had inherited the house and later sold it, they would have a gain in the amount the sale price exceeded the Fair Market Value on the date of death. Some STATES have an inheritance tax. This is separate from income tax so it in not income at all.