When considering selling an inherited property, one common question that arises is whether there is a holding period before selling the inherited home. This article aims to address this query and provide valuable insights into the matter…
For individuals who have come into ownership of an inherited property, deciding on the appropriate course of action can be perplexing. If you are contemplating selling the property, the question of whether a holding period is required may be at the forefront of your mind.
It’s an important inquiry that necessitates understanding certain key factors to arrive at a well-informed decision…
Is There A Holding Period Before Selling My Inherited Home
Probate Versus Inheritance
When someone passes away and leaves you their property, you inherit it. Probate is a crucial process in this inheritance journey as it involves validating the will and ensuring the correct beneficiary receives the designated inherited property.
If you receive a home as an inheritance and it is still in probate, you may encounter delays in selling it as the will is being validated, and there could be potential challenges from other heirs disputing the will.
Once the probate process is finalized, and you have full ownership of the inherited property, you should be able to proceed with a sale without significant delays.
There Is A Holding Period (But Not What You Think)
When you inherit a home, there is a holding period that determines how you will be taxed on the property based on the date of the deceased’s passing. This holding period does not restrict you from selling the property. Consulting with an accountant is recommended to understand any tax implications related to the holding period.
There May Be Other Factors
While you won’t face a holding period specifically for the inherited property that prevents you from selling it, there may be other obligations like an outstanding mortgage that could pose challenges. These issues can usually be resolved, allowing you to proceed with the sale without significant delays.
If you’ve inherited a property and are considering selling it, you might be wondering about any mandatory holding period. The good news is that you can typically initiate the selling process without waiting. Keep in mind that certain factors could affect the timing of the sale or impact the tax implications associated with it.
If you’re looking to sell your inherited property promptly, we offer a quick solution. Contact us today for a fair, all-cash offer to purchase your inherited property in Massachusetts in its current condition.