Inheriting property can be both an exciting and daunting process! You might be looking forward to the opportunity of selling, renting the property out, or simply wondering what you can do with an inherited house. Either way, if you’re thinking about selling your inherited home, you might be wondering:
Is there a holding period before I can sell an inherited property?33055, 33009, 33161, 33014, 33124
That’s a great question! which we will address in this article. Keep reading to find out the answer and learn more about inherited property in Miami. But, first, let’s take a quick look at the difference between probate and inheritance.
Probate Versus Inheritance┃What’s The Difference?
Probate is the stage before inheritance. In general, an inherited property is passed down to you when a family member passes away and leaves you their property.
Probate involves proving the will and making sure that the deceased belongings are distributed according to the terms in the will.
While the property is in this “proving” phase, you may not be able to list, market, and sell the property. This is especially true if other heirs are contesting the will.
Inheritance may contain cash, investments such as stocks or bonds, and other assets such as automobiles, antiques, and real estate.Investopedia
The rights to inherited real estate or assets are not fully yours until the probate period has passed. Once probate is complete, you can sell and market your house as you wish.
A Holding Period With A Twist
There is a holding period with inherited homes but the holding period doesn’t mean you’re prohibited from listing and selling your property. 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 “holding period” won’t prevent you from selling the property. Even so, it’s still a good idea to talk to an accountant and see how and if the holding period will impact the tax you’re liable to pay.
While it’s unlikely that you’ll come across a “true holding period” that will prevent you from selling your inherited home, you should be aware that there are other factors to take into consideration. You may find that the house still has a mortgage or other obligation that instigates new challenges for you to deal with before you can market the property. But, rest assured in many cases, these issues can be sorted out and in the long-term, shouldn’t keep you from selling.
If you would like to sell an inherited house and are wondering:
Is there a holding period before selling my inherited home?
Then we’ve got great news for you! In most cases, you won’t’ need to wait and you can get the selling process started right away. But don’t forget there could be other factors capable of delaying the sale that are unrelated to inheriting the property. Plus, other issues exist that could impact the tax you have to pay when you do sell.
If in doubt, get in touch with a professional! An experienced real estate agent should be able to offer some assistance. And an accountant will be able to explain any issues surrounding tax.
If you’re not sure how to get started, we can even offer advice at Sunshine State Buyers and help you discover all your available options. Check out our website >>> We Buy Houses Fast Florida! Give us a call on (305) 916-3328.
We also have another solution for you that’s both fast and hassle-free!
If you want to sell your inherited house as fast as possible, give us a call! We’ll give you a fair, fast ALL-CASH offer to buy your inherited Florida house in AS-IS condition.