If you are thinking about selling your inherited property, you might be asking , “Is there a holding period before selling my inherited home?” This blog will answer that question and you might be surprised at what you learn…
If you’ve inherited a property, you might now be wondering if you can sell it or keep it. And if you’re thinking about selling it then you’re probably asking, “Is there a holding period before selling my inherited home?”
That’s a question. There are some details you should know in order to answer this question…
Is There A Holding Period Before Selling My Inherited Home
Probate Vs Inheritance
In general, an inherited property is what you get when someone passes away and leaves you their house. Probate is a stage along the way – it’s part of the process and consists of proving the will and making sure that the right heir gets the inherited property.
Thus, if someone leaves you a house and the home 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 completed and you fully own the inherited house, then you can likely sell without waiting.
Holding Period
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 talk to an accountant to see if the holding period will impact how much tax you pay.
Some 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 – sthat happens when the house still has a mortgage or some other obligations. 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, and if you’re wondering, “Is there a holding period before selling my inherited home?” 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 that you need to 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 in as is condition, no repairs needed.