Do I pay capital gains tax when I sell an inherited Isle of Palms home?

An inherited Isle of Palms home is taxed on any gain measured from its stepped-up tax basis at the date of the previous owner's death, not from what the original owner paid decades earlier. Selling soon after inheriting often means little or no taxable gain because of that basis reset. Brian Beatty recommends confirming the exact basis and any gain with a CPA before listing an inherited Isle of Palms property.