The short answer
For tax, the house's starting point, called its basis, is generally its value on the date of the second death. A tax professional may still ask how your parents held it at the first death. If they were married and owned it jointly, only half may have taken a new value then, and community property can differ.
A mortgage has its own rules, and a reverse mortgage comes due once the last borrower has died. If more than one person inherits and you can't agree, any one of you can usually ask a court to divide or sell the house.
This chapter explains how things usually work in the United States. It is not legal, tax or financial advice, and the rules where you live may differ. Before you act on anything here, check it with one of the people named at the end of the chapter.
In the full chapter
The chapter explains what exists and what to ask, then ends with what to do, what can wait so you can set it aside, and who can answer the questions that are yours alone.
The rules, phone numbers and web addresses in this book were checked against the agencies’, courts’ and organizations’ own pages in October 2026. Where a rule differs by state, the book names one state as an example. Check anything you rely on with the office itself.
From Book 7: The Second Parent
This page has the short answer from chapter 5. The full chapter explains, in plain words, what exists, what to ask, and who can answer. The book covers after the second death after the death.
Questions near this one
Other questions on related subjects, from this book and the others.
- What is the tax on selling an inherited house? Book 4, Their House
- What happens to a mortgage or reverse mortgage? Book 4, Their House
- Do I have to decide about the house now? Book 4, Their House
- Do I owe tax on what I inherit? Book 3, Their Money
Hear when The Second Parent is out
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