If I want to sell the house I inherited, which tax is owed?

This depends on whether the inheritance occurred before or after November 25, 1992. Tax is required at a rate of 7% of the selling price if it occurred prior to this date. If the death occurred after this date, one must determine what value was placed on the property in the decedent’s causa mortis declaration, which is how the property came to be registered in your name. One must then determine the difference between such value at the time of the inheritance and the selling price, and pay tax of 12% on the difference.

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