If you are thinking about selling your inherited property, you may be curious, “Is there a holding period before selling my inherited home?” This article will answer that question and you may be surprised at what you learn…
If you’ve inherited a property, I am sure you have thought about what you may want to do with that property. If you haven’t, you should start! And if you’re thinking about selling it then you’re probably wondering, “Is there a holding period before selling my inherited home?”
This is a great question and there are some things you should know in order to answer the question…
Is There A Holding Period Before Selling My Inherited Home – It Depends
Probate Versus Inheritance
In general, when someone passes away and leaves you the property, you have now inherited it. Probate is a stage along the way to official take ownership of the property – it’s the step of proving the will and making sure that the right heir gets the right inherited property.
Probate can at times be time consuming and therefore, if someone leaves you a home that 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 more than likely you can sell at your convenience and not have to wait.
There Is A Holding Period (But Not What You Think)
Now, to back track a bit and provide clarity…there is a holding period with inherited homes BUT this 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 – it also depends on when the deceased passed away.
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 may impact your taxes (what you may be responsible for paying into the IRS).
Some Other Factors to Potentially Consider
Although there isn’t likely a holding period on the inherited house to be concerned of and prevent your ability to sell it, there may be some more challenging holding periods to consider. Some of these include – Does the house still have a mortgage or other lien? In many cases these can be sorted out and will not prevent you from selling, but can slow down the process.
To summarize, if you have an inherited house and are considering selling it and are asking the question, “Is there a holding period before selling my inherited home?” the Good News: You probably don’t have to wait to sell and you can get that process going right away. However, just be aware that there are factors that could slow down the sales process and potential tax implications to consider for when you do 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 talk through all your options and can give you a fair, fast all-cash offer to buy your inherited house as-is.