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Home Buyers 3-Step Process
Inheriting a home from a loved one can be a wonderful gift or a challenging inconvenience, depending on your individual circumstances and what you plan to do with the home. Many times, families will move into an inherited home and sell their own properties that they’ve been living in. In other cases, those who inherit a home will hold an estate sale to sell off unneeded items and then sell the property itself.
If you won’t be moving into the property and don’t desire to or are unable to rent the property, selling the home is an option. In this guide, you’ll find resources and information on selling an inherited home while avoiding the usual pitfalls and hassles that accompany the process.
Selling a home that you’ve inherited from a loved one can be an emotional process, so the last thing you need to make it even more difficult are avoidable obstacles that waste time, cost money, and add to your frustration. This guide contains everything you need to know to make the process as smooth and painless as possible.
One of the first things you’ll need to evaluate when considering selling an inherited home is how the sale will impact you financially. In other words, you may be subject to taxes on any proceeds from the sale or from the inheritance of the property itself. While laws may differ from state to state, the following resources will help you understand the tax implications of selling an inherited property.
Inherited properties do not qualify for the home sale tax exclusion. Typically, when you sell a property you’ve lived in for at least two of the previous five years, you can take advantage of a tax exclusion. That means up to $250,000 of proceeds for a single homeowner is tax-free, and married couples can avoid paying taxes on up to $500,000 in proceeds. Unless you plan to live in the home you’ve inherited for at least two years, you won’t be eligible for this exclusion.
But all is not lost. We can help. We buy homes in any condition for cash. We can help elevate some of the stress of inheriting a property. Let us give you a cash offer today. We close quickly too often with 7 days.