IIf you have recently inherited a property, you may be contemplating what to do with it. If your plan is to sell it, you may be wondering if there is a holding period that you need to wait before putting it on the market. In this article, we will provide you with the answer to this question and some additional information that might surprise you.
Is There A Holding Period Before Selling My Inherited Home
Probate Versus Inheritance
In general, inherited property refers to the property that you receive from someone who has passed away. Probate is a legal process that ensures that the will is valid and the rightful heir gets the inherited property. If someone leaves you a home, and the property is in probate, you may not be able to sell it right away. This is because the will is still being proved, and other heirs could contest the will. However, if the probate process is complete, and you have full ownership of the inherited house, you can sell it without any waiting period.
There Is A Holding Period (But Not What You Think)
When you inherit a home, there is a holding period that indicates how you will be taxed on the property. The duration of this period depends on when the previous owner passed away. It is important to note that the holding period does not necessarily prevent you from selling the property. However, it may have an impact on the amount of tax you need to pay. Therefore, it is advisable to consult with an accountant to determine if the holding period will affect your tax obligations.
There May Be Other Factors
It is unlikely that there will be a holding period on the inherited house that will prevent you from selling it. However, you should be aware that there might be other holding periods that could make it more challenging to sell, such as if the house still has a mortgage or some other obligation. In many cases, these issues can be resolved, and in the long term, they should not prevent you from selling the house.
If you have inherited a house and you are now considering selling it, you might be wondering if there is a holding period that you need to wait before selling it. The good news is that you usually don’t have to wait and can start the selling process right away. However, there might be other factors that could delay the sale, or affect the amount of tax you need to pay when you sell it.
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. We specialize in the probate process so we will be happy to help, every step of the way!