If you have inherited a house from your parents or relatives, you might be asking yourself on how to do with the property. If you are thinking about selling your inherited house, you might be thinking if is there a holding period before selling an inherited house?. You might be surprised of what you will discover in this blog post.
More helpful hints, What to Do After You’ve Inherited Property
Generally, an inherited house is what you get when someone passes away and leaves you their property. Probate is a step of proving the will and making sure that the right heir gets the right inherited property.
On that account, if someone leaves you a house and it is in probate, you might not be able to sell it in the right way because the will is still being proved and there could be other heirs competing the will.
Even so, if probate is complete and you fully own the inherited property, then you can likely sell without waiting.
There is a holding period but it is not what you think. It does not mean you can sell. It is simply a term used to describe how you will be taxed on the property. It depends on when the deceased passed away. However, 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.
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 obligation. 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 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, contact a real estate solutions company and they will buy your inherited house or give you advises on how to solve your real estate problem.
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