Contemplating the sale of your inherited property may lead you to ponder, “Is there a holding period before selling my inherited home?” This article aims to address that question, and you may find the answer to be surprising.
In the scenario where you’ve inherited a property, deciding what to do with it may be on your mind. If selling is a consideration, you might be asking yourself, “Is there a holding period before selling my inherited home?” This common question is explored to provide clarity on the process.
Great question. There are a few things you should know in order to answer the question…
Is There A Holding Period Before Selling My Inherited Home
Probate Versus Inheritance
Typically, an inherited property is acquired when someone passes away and bequeaths their property to you. Probate is a crucial stage in this process, involving the validation of the will and ensuring that the rightful heir receives the designated inherited property.
Therefore, if someone leaves you a home and the house 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 you can likely sell without waiting.
There Is A Holding Period (But Not What You Think)
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.
There May Be Other Factors
Although there is typically no specific holding period for the inherited house that would impede its sale, it’s important to note that other holding periods may pose challenges, especially if the property has an existing mortgage or other obligations. However, in many instances, these issues can be addressed and, in the long run, should not prevent you from selling the property.
If you find yourself in the situation of inheriting a house and considering its sale, along with the question, “Is there a holding period before selling my inherited home?” here’s the positive news: There’s likely no mandatory waiting period, and you can initiate the selling process promptly. Nevertheless, it’s important to note that other factors might introduce delays or influence the tax implications associated with the sale.
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.