How to Sell Your Dad's Home for $3 Million

Susie: The best way to inherit any asset from a parent or anybody is for you to understand that if that asset is in their individual name or in a trust for them and you are the beneficiaries of that, or they just leave that asset to you via a will. Susie: If your daddy bought that house a long time ago for $100,000, let's just say, and now he just died and left it to you and your brother,. You get a step up in basis to $3 million. You turn around andyou sell it for $3 million; you do not pay any income tax on it whatsoever.