Do you need to sell your parents’ home?
Depending on your circumstances, inheriting a home from your parents can either be a lovely gift or a daunting challenge.
What do you plan to do with the property? There are some who choose to move to an inherited home and sell their own properties. There are also others who opt to hold an estate sale to sell off unneeded items and then sell the property itself.
If you have decided not to move into the Long Island NY home, selling it is an option.
What do you need to know before putting your parents’ home in the market?
Before taking any steps to sell the property, it’s best to get legal advice from an experienced probate attorney. The attorney will ask whether your parents left a will. Ideally, the will names an executor who is willing and able to take on the responsibility of administering your parent’s estate.
If the property is in a Trust, the trustee holds this same power. If you have siblings and you have inherited the property together from from your parents, one person often has the ultimate authority and responsibility to handle the real estate transaction.
You also have to be prepared for the tax and other financial matters included in the sale process. You have to evaluate how the sale will impact you financially because you may be subject to taxes on any proceeds from the sale or from the inheritance of the property itself.
One of the things you have to know is that inherited properties do not qualify for the home sale tax exclusion. However, the good news is you get to take advantage of a stepped-up tax basis. For an inherited property, the tax basis is the fair market value of the property at the time of the previous owner’s death.
You also have to know where and how to report the sale proceeds. Those who sell an inherited property are required by IRS to report proceeds as taxable income.
Another thing that you have to know is the Long Island NY home sale process.
You need to have an overview of the entire selling process. This is the most stressful part and this is where my expertise as a real estate agent can help you.
A real estate transaction is a time-consuming and complicated process. As your agent, I will work towards making sure you have a hassle-free and smooth experience. I will also help you with the legal aspects and make transactions easier for you.
Selling a home you’ve inherited from your parents is an emotional process and carries much responsibility. However, with the right information and with my help as your real estate agent, you can be more prepared for anything that may cross your path as you go through the home selling process.
If you need more information regarding the sale of your parents’ home, you may call me, René Perrin, at 516-802-3785. I am more than willing to explain the process to you in detail. Let me help you with all your real estate needs.
