Selling a family home requires strategic planning to optimise financial outcomes for both sellers and heirs.
Timing impacts taxes, with inheritance after death often offering better benefits due to "step-up" in basis.
Home sales can trigger capital gains taxes, reduced through deductions for documented home improvements.
Proceeds can be gifted to children tax-free within set limits, with larger gifts requiring IRS forms.
Alternatives include renting, transferring ownership, or using a 1031 exchange for tax-efficient property reinvestment.
