Well these guys at least admit not knowing, which is better than most financial advice people on here. The inherited property will get a stepped up basis when the grandparents die. So once they die, either get an appraisal or sell it within ~6 months, the IRS will accept the appraisal or sale price as the value on the date of death. No taxes due on the difference between the grandparents old purchase price and the new stepped up sale/appraisal price. If the property sits for a few years before selling, then any appreciation above the stepped up basis would be subject to cap gains tax.
Well these guys at least admit not knowing, which is better than most financial advice people on here.
The inherited property will get a stepped up basis when the grandparents die. So once they die, either get an appraisal or sell it within ~6 months, the IRS will accept the appraisal or sale price as the value on the date of death. No taxes due on the difference between the grandparents old purchase price and the new stepped up sale/appraisal price.
If the property sits for a few years before selling, then any appreciation above the stepped up basis would be subject to cap gains tax.