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 the question “is there a holding period before selling my inherited home?” The answer might surprise you!
If you’ve inherited a property, you might be wondering what in the world are you going to do with it now? And if it’s crossed your mind to sell it, then you’re probably wondering, “Is there a holding period before selling my inherited home?”
Great question. There are a few things you should know before you decide to sell the property you inherited.
The Holding Period Before Selling My Inherited Home
Probate Versus Inheritance
In general, an inherited property is what you get when someone passes away and leaves their property to you. Probate is a stage along the way – it’s the step of proving the will and making sure that the right heir gets the intended 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 there are exceptions to this rule, especially if you’re a sole heir (each state’s rules are different, so you’ll want to get counsel in the area you live).
However, if probate is complete and you fully own the inherited house, then you can likely sell without having to wait.
There Is A Holding Period (But Not What You Think)
There is a holding period with inherited homes but the holding period doesn’t mean you can’t sell… it’s simply a term used to describe how you will be taxed on the property – and it depends on when the deceased passed away.
However, in most cases, this won’t prevent you from selling the property, but you should definitely talk to an accountant to see if the holding period will impact how much tax you pay and what all that is going to look like. A certified tax advisor can help guide you along with what to expect with the tax liabilities on the inherited property.
There May Be Other Factors
While there isn’t likely going to be a holding period on the inherited house itself that will prevent you from selling it, you should be aware that there could be other holding periods that will make it more challenging to sell – such as if the house still has a mortgage or some other legal obligation such as liens, etc.. But in many cases, these can be sorted out and, in the long-term, shouldn’t keep you from selling.
So, if you inherited a house and are now thinking about selling it, 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. If you have a probate attorney that is working on your case, you can certainly reach out to them for guidance to see what’s allowed or not allowed with the sale of the property. They work with these types of cases for a living, and can help direct you towards the necessary people to help answer your questions.
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 cash offer to buy your inherited house as-is in as little as 7 days if that works for your particular situation. If you need more time, we can work with that too. We pay for closing costs and do not charge any fees or commissions and make the selling process as simple as possible.
If you’d like a cash offer for your inherited property, reach out today!