If you’re thinking about selling an inherited home, you might be wondering, “Is there a holding period before selling my inherited property?” This article will answer that question, and you might be surprised by what you find…
If you’ve inherited a home, you’re probably considering your options right now. Is there a time limit before I can sell my inherited house? You’re going to wonder if you’re thinking about it.”
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
Inherited property is often something that someone leaves you after they pass away. Probate is the process of proving the will to ensure that the correct heir receives the correct inheritance.
As a result, if someone leaves you a house that is in probate, you may be unable to sell it right away because the will is still being proven and other heirs may be contesting the will.
However, if probate is complete and you fully own the inherited house, then you can likely sell without waiting.
There Is A Holding Period (But Not What You Think)
With inherited homes, there is a holding period, but that doesn’t imply you can’t sell… It’s just a term that describes how you’ll be taxed on the property dependent on when the deceased passed.
However, in most situations, this will not prevent you from selling the property; however, you should consult with an accountant to see whether the holding period will affect how much tax you pay.
There May Be Other Factors
Although it’s unlikely that the inherited property would have a holding time that stops you from selling it, you should be aware that additional holding periods, such as if the property still has a mortgage or other obligation, may make it more difficult to sell. However, in many cases, flaws may be resolved, and in the long run, they should not prohibit you from selling.
So, if you inherited a house and are considering selling it, and you’re wondering, “Is there a holding period before selling my inherited home?” here’s the good news: you probably don’t have to wait, and you may start the process right now. However, be aware that other variables may cause the sale to be delayed or have an influence on the tax you must 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.