Is There A Holding Period Before I Can Sell My Inherited Home? – Salt Lake City

If you’re looking into selling a home you inherited, you may have the question, “Is there a holding period before I can sell my inherited home?” In this article, we’ll provide an answer to that question and the answer might surprise you…

If you have inherited a home, it’s likely you are now considering what you should do with it. If selling it is on your mind, you maybe thinking, “Is there a holding period before I can sell my inherited home?”

This is a good question to have. Here are some important things to know that will answer that question…

Is There A Holding Period Before I Can Sell My Inherited Home

Probate vs. Inheritance

Normally, an inherited home is the property you receive after a person passes away and leaves a property to you in their will. There is a step along the way called probate – which is the process of ensuring the will is acted on correctly and properties are distributed to the proper heirs.

Because of this, if you’ve been left a property that is currently in probate, selling it immediately may not be an option because the will is still being proven and other heirs may be contesting the will.

But, if the probate stage is completed and you are the full owner of the property, then you should be able to sell it without waiting further.

There Is A Different Holding Period (But For Tax Reasons)

A holding period does exist in some scenarios but it doesn’t prohibit you from selling… instead, it’s a reference to how taxes will be levied on the property – and this depends on the value of the home at the time of the deceased’s passing.

But, usually this won’t prohibit you from selling the home but it would be wise to speak with an accountant to understand if a holding period will affect the amount of taxes you pay.

There Could Be Other Factors

It’s unlikely that your inherited home will have a holding period preventing you from selling it. But, you should familiarize yourself with other possible holding periods making it a challenge to sell – if the property still has a mortgage, for instance. These can usually be dealt with, however, and shouldn’t prevent you from selling the property.

Therefore, if you’ve inherited a home and now wish to sell it, and are asking, “Is there a holding period before I can sell my inherited home?” here is some good news: You likely don’t need to wait before you can sell and can actually start that process right now. Just keep in mind that there could be other factors delaying the sale, or that might affect the taxes you’ll be required to pay when you do sell it.

Now, here’s a quick solution: If you’re looking to sell your inherited property as fast as possible, give us a shout! We’ll provide you with a fast and fair, all-cash offer to purchase your inherited property as-is.