Selling Your Inherited House: The Lowdown

Hey there,

So, you’ve inherited a house. That’s pretty cool, right? But selling it can be a bit tricky. Let’s break it down:

• The Value Bump: When you inherit a house, its value gets a boost to what it’s worth now. So, even if your grandpa bought it for peanuts, you’ll be taxed based on its current price.
• Profit or Loss: If you sell it for more than it’s worth now, you’ve made a profit. But if you sell it for less, it’s a loss. Don’t worry, there are tax rules to help with that.

Things to Know:

• Probate: Before you can sell, you need to go through probate. It’s like a legal paperwork shuffle to make sure the house is officially yours.
• Tax Time: You’ll need to tell the taxman about the sale. If you made a profit, you might owe some taxes.
• Selling Options: You can sell it yourself or hire someone to do it for you. It’s up to you!

Need Help?

Selling a house can be stressful, especially when it’s one you inherited. If you have questions or need guidance, don’t hesitate to talk to one of our tax experts or us real estate professionals. We can help you figure it all out.

Good luck!