Are you thinking about selling your inherited property? If so you might be wondering, “Is there a holding period before selling my inherited home?” This article answers that question. You might just be surprised at what you learn…
If you’ve inherited a property, you might now be wondering what to do with that property. And if you’re thinking about selling it then you’re probably wondering, “Is there a holding period before selling my inherited home?”
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 in Dallas?
Probate Versus Inheritance
In general, an inherited property is what you get when someone passes away and leaves you their property. Probate is a stage along the way; it’s the step of proving the will and making sure that the right heir gets the right 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 are found to be the full owner of the inherited house, then you can probably sell without waiting.
There Is A Holding Period (But Not What You Think)
There is a holding period with inherited houses 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 shouldn’t stop 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
While there isn’t likely going to be a holding period on the inherited house that will prevent you from selling it, you should be aware that there might be other holding periods that will make it more harder to sell. For example, if the house still has a mortgage or some other obligation attached to it. But in many cases, these can all be sorted out and, in the long-term, should not keep you from selling your house fast.
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 started right away. BUT, be aware that there could be other factors that may delay the sale, or that could impact the tax you’ll have to pay when you sell your house.
Here’s a quick solution for you: If you want to sell your inherited house as quickly as possible, call us TODAY! We’ll give you a fair, fast all-cash offer to buy your inherited house as-is.