Do you need to sell your inherited house?
If you inherited a house and are wondering: “How do I sell my house fast?” we can genuinely help. If you’ve inherited a house you can’t use, we know it can be stressful. A house is a large financial responsibility, and the only way to get out of that responsibility is to sell the house. Keeping the house means having to deal with various costs associated with repairs, maintenance, inspections, inheritance taxes, mortgage, and more – which can add up to thousands of dollars.
The good news is that you don’t need to wait very long – by working with us, you can sell your house for cash in just a few days.
Here are four possible scenarios in which you are able to turn your inherited house into cash:
Is there a mortgage on the property?
If there is a mortgage on the home you’ve inherited, the details of the mortgage might affect how quickly you decide to sell or rent the property.
Does the property need repairs?
Are there multiple stakeholders in the inherited property?
It’s very common to inherit a property with another stakeholder, like a sibling or other family members. Of course, multiple stakeholders make things more complicated.
Consider these options:
Tax implications
Do I have to pay taxes on an inherited property?
Once you learn that you’ve inherited a house, you’re likely wondering: Do I have to pay an inheritance tax on property? The act of inheriting a property doesn’t trigger any automatic tax liability, but what you decide to do with the house — move in, rent it or sell it — will cause you to incur property taxes, capital gains taxes or other expenses (more on that below).
What are capital gains taxes?
What are step-up taxes or the step-up tax basis?
As the recipient of an inherited property, you’ll benefit from a step-up tax basis, meaning you’ll inherit the home at the fair market value on the date of inheritance, and you’ll only be taxed on any gains between the time you inherit the home and when you sell it.
For example, let’s say the house you just inherited from your grandmother was originally purchased in 1960 for $25,000. If the house is now valued at $425,000, does that mean that when you sell the home, you’ll be taxed on a $400,000 profit? Luckily, no. You’ll only be taxed on gains during the short time period between inheritance and sale.
What you decide to do with your inherited property has to do with the financial status and physical condition of the property, along with any time constraints.