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’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
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 by the Georgia probate courts and there could be other heirs contesting the will. There is usually an executor of will who is in charge of the will and assets when inheriting a property in Georgia.
However, if the probate process is complete and you fully own the inherited house, then you can likely go about selling the inherited property without waiting.
There Is A Holding Period (But Not What You Think): Inheritance Property Taxes
There is a holding period with selling an inherited home, but the holding period doesn’t mean you can’t sell… it’s simply a term used to describe the inheritance tax 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 When Selling An Inherited House
While there isn’t likely going to be a holding period on the inherited house itself that will prevent you from selling an inherited property in Atlanta, you should be aware that there could be other holding periods that will make it more challenging to sell – such as if you’re inheriting a house with 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 your inherited property.
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, such as getting all of the people on the will to agree to sell the house, especially if you aren’t the executor of the will.
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.