Do I pay tax on a profit from an inheritance?

[SometimesSane]

do I pay tax on a profit from an inheritance?

If a relative's estate was divided up and I took the house as a representative of $320,000 of the estate

and then I sell for a profit say $340,000

Do I pay tax on any of this?

thanks in advance

[Nick G]

Probably not but check if the brightline rule includes inheritance, I have no idea if it does.

[eri]

Inheritance exception from bright-line test

The bright-line test provides rollover relief for all transfers following a death and an exemption for any disposals by the executor or administrator or subsequent disposals by the beneficiaries.
The rollover relief is achieved by treating the transfers from the deceased person to the executor or administrator, and from the executor or administrator to the beneficiary, as a disposal and acquisition of the property, at the total cost of the land to the deceased person at the date of transfer (rather than at the land's market value). The effect is that no tax liabilities under the bright-line test arise under the transfers.
Disposals by a beneficiary, executor or administrator of residential land transferred to them on the death of a person are specifically excluded from the bright-line test. However, the disposals may still be subject to tax under the current land sale rules.

http://www.ird.govt.nz/technical-tax...ight-line.html

[Nick G]

thanks for that