If you are thinking about selling your inherited property, you might be wondering, “Is there a holding period before selling my inherited home?” This article will answer that question and you might be surprised at what you learn…
If you’ve inherited a property, you’re likely contemplating your next move. And if selling has crossed your mind, you might be curious about any potential holding period before proceeding.
There are a few things you should know to answer the question…
Probate vs. Inheritance: What’s the Difference?
Imagine inheriting your childhood home from your parents. It’s a significant moment, but before you can make any decisions, there’s a legal process to navigate.
Inheritance: Your parents have passed away, and now you’re the owner of their home. It’s like receiving a meaningful legacy from your family.
Probate: This is the legal procedure to sort out your parents’ affairs. It ensures everything is distributed according to their wishes. While the house is in probate, selling it might be on hold as other family members could have a claim.
Selling Your Inherited House: Once probate is complete, the house is officially yours. You’re free to sell it whenever you please. No more waiting for paperwork or legal hurdles.
So, while probate might delay things, once it’s over, you’re in the clear. You can turn that inherited house into cash or whatever you have in mind. But until then, patience is key as you go through the legal process.
There Is A Holding Period (But Not What You Think)
Alright, let’s clear up the mystery behind this “holding period” with inherited homes. It might sound like a wait before you can sell, but it’s not quite that.
What’s the Deal with the Holding Period?
When someone passes away and leaves you their home, there’s this thing called a holding period. But here’s the twist: it’s not about waiting to sell; it’s all about taxes.
Tax Talk: When Did They Pass Away?
The holding period depends on when the previous owner passed away. It’s like a timeline for how taxes will be handled on the property.
Can You Still Sell?
Yes! In most cases, this holding period won’t stop you from selling the property. It’s more about understanding how much tax you might owe when you do sell.
Talk to Your Accountant
To figure out how this holding period affects your taxes, chat with your accountant. They’ll help you navigate the ins and outs so you can make informed decisions about selling your inherited home.
So, don’t stress about the holding period. It’s just a tax thing, not a roadblock to selling your property. Get that expert advice, and you’ll be good to go!
Navigating Selling an Inherited House: What You Need to Know
You’ve inherited a house and the big question is, “Is there a holding period before selling my inherited home?” Well, good news – there’s usually no holding period standing in your way. But before you bust out the champagne, there might be other obstacles to navigate, like an existing mortgage or other obligations on the property. Not to worry, though! These can often be sorted out without too much hassle, getting you back on the selling track in no time.
If you’re ready to sell your inherited house, give us a call at Beacon Realty Investments! We’ll make you a fair, all-cash offer quickly. Selling with us is easy and hassle-free – no waiting periods, just smooth sailing to your next adventure!