Cash out re-fi of inherited property

[Darren Lam]

I recently inherited a property that it is currently rented, there is no mortgage and I’m planning on keeping the tenants. Originally it was in a land trust but is now in my name, I know that in general a cash out refi is tax free but was curious if there would be some sort of tax regarding an inheritance or similar if I decided to go this route. Thanks

[Madison Carlson]

Likely no inheritance tax but there is an estate tax maximum. Although you do want to consider that your property tax will be reassessed at the fair market value from the date of inheritance as a result to Prop 19. Feel free to reach out for further information!