Las Vegas Nevada Probate Resource Center
Have you recently inherited a house that wasn’t in a will? Do you need to sell a probate house and are confused about your options? “Selling My Inherited House” may be your best option.
There are few things as traumatic as dealing with the death of a loved one. It is a reality that we will all face at some point in our lives, and when we do, the pain experienced is often compound by the legal issues death often brings. Dealing with insurance companies, locating and reading the will, and coming up with a fair process are a few of the draining but necessary things to handle. Add in money, assets, investments, and contentious family members, and it is no wonder that many families are overwhelmed by this life event. Looming over it all is the specter of probate, a process that few people understand but is crucial in the tying up of your loved ones’ affairs. With all of this stress, it’s no wonder that you might be thinking….Sell Inherited House Nevada
The Stress and anxiety of Selling an Inherited Home in Nevada
When you Inherit a home from a loved one it can be a wonderful gift or a a complete burden and a challenging inconvenience, depending on your circumstances and what you plan to do with the home. Occasionally families will move into the inherited property and sell their own house. Other times, those who inherit a home will hold an estate sale to sell off unneeded items and then sell the property itself.
First Source Freedom can help guide you through the process or simply alleviate it all together, depending on your needs. We can help with the estate sale of the property and even of all the items in the home. We can point you to qualified people to help with the sale or we can make an offer on the entire estate as-is. Sometimes the executors just want a few sentimental items and do not want to even be around the home. We are here to help you with whatever guidance we can provide during this time. Call us today for a Cash Offer to sell your inherited property fast! (702) 805-6400
Why to Consider Selling An Inherited House Privately
Depending on the size of the estate, the probate process and estate administration can get complicated and take a long time. Dealing with the estate and maintaining a vacant property can be a huge financial and mental burden. Also, leaving a house vacant for even a short amount of time can lead to vandalism, or squatters.
If the property you inherited needs repairs and/or updating (such as the bathrooms or the kitchen needs updating, the HVAC needs to be replaced or repaired), you will need to do a renovation before selling, to get top dollar. The home buyers who are going to pay top dollar for the home can only get a home loan if the home they are buying passes a full inspection. All of this takes time and money, so we recommend that estate representatives and heirs evaluate the costs and time to renovate and/or repair the house vs. selling quickly for cash. If you do decide to renovate the home before selling we do have a sister company that are licensed general contractors for remodeling homes First Source Services. If you should decide that selling your inherited house fast, so as not to incur more monthly bills and the prorated property taxes are going up daily, when selling an inherited home to First Source Freedom we buy inherited or probate houses in as-is condition. You can take the sentimental items you want from the home and after that we will take care of the rest. We donate to local charities and help with the sometimes emotional and time consuming part of going through it all. Most times you’ll be amazed how it makes sense to sell to a professional home buyer, as you no longer have to worry about the repairs, break ins, renovations, tenants (if its a rental), property taxes, insurance, mortgage and everything else that goes with owning a home.
In the guide below, you’ll find resources and information on selling an inherited home while avoiding the usual pitfalls and hassles that accompany the process.
In order to “sell my inherited house” from a loved one can be a very emotional process and the last thing you need is to make it even more difficult with obstacles that are avoidable, waste time, cost money, and add to your frustration. This guide will help educate you on the process to make it a little smoother and painless as possible.
Tax Implications of Selling an Inherited Home
One of the first things you must evaluate when selling an inherited home is how the sale of it will impact you financially. You may be required to pay taxes on any profits from the sale or even from the inheritance of the property itself. While laws differ from state to state, Inheritance tax is different from estate taxes, which is also different from gift taxes. The laws on inheritance taxes apply from the state in which you, the beneficiary live. The following resources will help you understand the tax implications of selling an inherited property in Las Vegas, Nevada.
Home Sale Tax Exclusion Does not Apply when Selling an Inherited House in Arkansas. Typically, when you sell a home that you have lived in for at least two years of the previous five, you can take advantage of a tax exclusion. That means up to $250,000 for a single homeowner is tax-free, and married couples can avoid paying taxes on up to $500,000. If you plan to live in the home you’ve inherited for at least two years yourself, then you would be eligible for tax exclusion.
Stepped-Up Tax Basis Does Apply. Even though when you sell inherited property aren’t eligible for the home sales tax exclusion, you do get to take advantage of a stepped-up tax basis. Ordinarily, proceeds are calculated using the purchase price plus any improvements made to the property during ownership. In the case of an inherited property, the tax basis is the fair market value (FMV) of the property at the time of the previous owner’s death. This prevents adult children from owing substantial taxes on properties that have appreciated dramatically over the past several decades.
How and Where to Report Sale Proceeds. The IRS requires all those who sell an inherited house to report proceeds as taxable income. The specific amount that will be taxable is based upon the fair market value (FMV) and other improvements used to calculate the basis.
When you sell inherited property you must report even if you do not have to pay taxes. It’s a good idea to report the sale of an inherited home even if no taxes will be owed. The IRS considers the sale of inherited real estate long-term capital gains, regardless of how long you owned the property.
There is a difference between inheritance tax and estate tax. Tax law is by no means simple, so it’s best to seek the advice of an accountant and/or an attorney to figure out the financial obligations that come with inheriting real estate.