Legal Question in Wills and Trusts in Florida

You will owe on the increase in value, should you sell.

Real Estate taxes or income taxes? The property transfers to you with a step up in basis at the time of death. When you sell it the increased value is subject to income tax. You owe any real estate taxes that exist to avoid the property from being sold to satisfy them.

The only income tax you will owe, if any, is on the difference between what the house was worth on the date of your dads death and the date of the sale; Florida real estate is not appreciating that quickly; the difference should not be a lot in most cases. If you sell it, talk to the realtor and tell them you need some sort of estimate of the value of the house on the date of your fathers death; you may have to pay for a real estate appraisal. Talk to an accountant for details,