If you are thinking about selling your inherited property, you might be wondering, “Is there a holding period before selling my inherited home?” This article will answer that question and you might be surprised at what you learn…
If you are considering selling a property you have recently inherited in the Chicago area.
Is There A Holding Period Before Selling My Inherited Home
Probate Versus Inheritance
In general, an inherited property is what you get when someone passes away and leaves you their property. Probate is a step in the process after someone passes to validate who the rightful heirs are to the specific assets left behind in the deceased entire estate. Any homes owned by the deceased would be considered assets of the estate.
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
While there isn’t likely going to be a holding period on the inherited house itself that will prevent you from selling it, you should be aware that there could be other holding periods that will make it more challenging to sell – such as if the house still has a mortgage or some other obligation. But in many cases, these can be sorted out and, in the long-term, shouldn’t keep you from selling.
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 going right away. However, 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.
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.