If I inherit a property from a parent, sell that property and pay off any existing mortgage, then use that lump sum of money to purchase a property paid off in another state, all within the same year - what would I owe in taxes?
I'm in California and google says we don't have inheritance tax but I'm just making sure. I'm worried if I sell the property and purchase another property it'll skyrocket my income tax bracket for that year and I will end up paying double.
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