Getting an inheritance should be a financial blessing — but without the right knowledge, it's easy to make mistakes that chip away at what you received. Here are 7 of the most common inheritance mistakes and how to avoid every single one. Mistake #1 — Not Updating the Title or Deed Immediately One of the first things you need to do after inheriting real estate is get the title transferred into your name. Many heirs put this off and it creates legal complications down the road

Inheriting a house is a big deal — but the last thing you want is a surprise tax bill when you go to sell it. The good news is there are several legitimate ways to reduce or completely avoid capital gains taxes on an inherited property. Here's what you need to know. First — Understand the Step-Up in Basis This is the biggest tax break you get as an heir. When you inherit a home, your cost basis is automatically reset to the market value of the home on the date the owner passe