Have you recently inherited a home? If you’re thinking about selling your inherited property, you might be wondering, “Is there a certain amount of time I have to wait before selling my inherited home?” This article will answer that question and you might be surprised at what you learn…
You’ve inherited a property, now what? Keeping up with a house takes time and money. Maybe you’re thinking about selling it. If so, you may be wondering, “Is there a holding period before selling my inherited home?”
Great question. There are a few things you should know in order to answer the question…
Is There A Holding Period Before Selling My Inherited Home?
Probate Versus Inheritance
You typically get an inherited property when someone passes away and leaves you their property. But before that happens, the property needs to go through probate. Probate is the part of the inheritance process of proving the will and making sure that the right heir gets the right inherited property.
Therefore, if someone leaves you a home and the house is in probate, you might not be able to sell it right away because the will is still being proved and there could be other heirs contesting the will.
However, if probate is complete and you fully own the inherited house, then you can likely sell without waiting.
You May Pay Different Taxes Depending on How Long You Hold the Property
There isn’t a holding period with inherited homes, but you may be taxed differently on the property depending on when the deceased passed away and when you sell the property.
In most cases, this won’t prevent you from selling the property but you should talk to an accountant to see if the holding period will impact how much tax you pay.
There May Be Other Factors
While there isn’t likely going to be a holding period on the inherited house that will prevent you from selling it, there may be factors that can make it more advantageous for you to sell your inherited house fast. The house might still have a mortgage, you still have to pay property taxes and utility bills, and maintain it. Each day that goes by means paying more money towards keeping the house afloat.
So, if you inherited a house and are now thinking about selling it, and if you’re wondering, “Is there a holding period before selling my inherited home?” then here’s the good news: You probably don’t have to wait to sell and you can get that process going right away. However, be aware that there could be other factors that may delay the sale, or that could impact the tax you’ll have to pay when you sell.
Here’s a fast solution for you: If you want to sell your inherited house as quickly as possible, give us a call! We’ll give you a fair, fast all-cash offer to buy your inherited house as-is.