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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.
The Internal Revenue Service states that you must report the sale of a home unless it was your primary residence and you did not realize any gain over the $250,000 exclusion for single and head of household filers or the $500,000 exclusion amount for married filers.his is the starting point for determining any taxable gain or loss on the sale of the property. Your standard basis in an inherited property is the value of the house divided by the number of beneficiaries who were also named as owners of the asset, such as siblings or a surviving spouse.