Understandably, selling inherited property is often more stressful and complex than a regular property transaction. Not only are you dealing with bereavement, but there are other practical considerations too – maybe you live out of state, you inherited the property alongside your siblings, or you’re worried about the financial complexities of the process. To help you out, our cash for houses Fort Worth team has put together some practical tips for selling inherited property in 2022.
#1 – Understand the tax implications
Selling an inherited property is a bit different to selling your own home. Firstly, Texas DOES NOT have inheritance tax. Instead, you will only have to pay Capital Gains Tax (unless the property is your main residence) according to the stepped-up basis rule. Here’s how it works:
If your parent paid $100,000 for their home 25 years ago and you inherit it, it will be appraised at the current market value to sell it, say $300,000. If you get a final selling price of $310,000, then the taxable gain is only $10,000. In this example, you’d only pay up to $2,000 in capital gains tax. If the house sells for less, say $290,000, then you have a capital loss of which $3,000 can be deducted against your ordinary income.
#2 – Evaluate the costs
Just like selling any other property, there are costs involved when you are selling an inherited home. However, there are some costs you can control. For example, you can choose to sell through a real estate agent and pay their commission and fees, or you can sell to a cash for houses Dallas company and pay zero real estate agent fees and no commission.
You can also clean out the home yourself, or you can have our cash for houses Dallas company do it for you. This is an especially useful service if you are living out of state, if you’re not up to the heavy lifting, or if you just don’t have the time for such a big and often emotional task.
#3 – Evaluate returns on improvements
The property may also need a lot of work done to it to make it attractive to a buyer. But this can be time consuming and expensive – and it doesn’t necessarily get you better returns or a higher sale price. To avoid situations where you overspend on a property you want to sell, it’s best to sell your property as is. And the easiest way to do that is to sell to a cash for houses company.
#4 – Take your time – but keep your goals in mind
Selling a family home after a loved one’s passing is no easy task, so give yourself time and space to mourn. But don’t let this process get you into a rut. Revisit old memories and share sentimental items with family and loved one’s but remember to think about the future too. Would you love this property to be your family home? Why would you like to sell it? What would you use the funds for? How would this change your life?
Remember, this property is a gift to you from your loved one, so don’t let it sit empty and fade away. Instead, use it to build a future for your family and a new chapter for yourself. Staying focused on your goals will help you make the most of this gift and create something your loved one would be proud of!
Our Cash for Houses Fort Worth Team Can Sell Your Property in 24 Hours this Winter
Winter is not a traditional time of year for selling your home – but we can still get it done in just 24 hours. If you want to sell property fast without having to look for a buyer, deal with a real estate agent and pay their commission, or even empty the property, then the best option is to sell directly to cash property buyers in Fort Worth. At Shiny Key Properties, we purchase property in any condition, at any time of year, from well-kept family homes to teardowns.
We can sell your property in 24 hours, putting a lump sum into your account in just a few days. Here’s how our process works:
- You enter your information on our website. We’ll contact you directly to discuss an offer for your property (you can also get a free property evaluation from our website)
- You can accept or reject the FREE NO-OBLIGATION offer
- Cash will be deposited into your bank account – with no real estate agent fees
- We can handle all aspects of the process, including clearing out the property
- You can also call us directly on 469-858-008
That’s all there is to it!
You can also download our FREE eBook for more information on how to sell your property in 24 hours.
Our team is compassionate and highly motivated to offer you the best possible market-related price for your inherited property, so you can sell your property in 24 hours. Not only does this cash go straight into your bank account as soon as the sale goes through, but you also pay zero real estate agent commission.
At Shiny Key Properties, our trained consultants have years of experience in assisting local and out-of-state property owners to sell their property. To find out more about our cash for property Fort Worth service, please contact us today and speak to one of our friendly team members.