How do I sell an inherited property?
By Bob Millaway, South Jersey Community Expert & REALTOR®
Selling an inherited property involves navigating probate, determining ownership among heirs, and understanding the tax implications. You may need court approval depending on the estate. The cost basis of the property is typically stepped up to its value at the date of death, which can reduce capital gains taxes. Work with a real estate agent experienced in estate sales and consult an estate attorney. If multiple heirs are involved, all must agree on the sale terms.
Why It Matters
Inherited properties come with unique legal and tax considerations. Proper guidance helps you avoid costly mistakes and maximize the sale proceeds.
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