I Inherited A House In Austin. Now What?
If you are saying to yourself, “I Inherited A House In Austin. Now What?”, you are reading the right article. This is the dilemma that most people find themselves in when they inherit a house and don’t have a clue what to do to it. This article will guide you what you should do next.
Inheriting a house from a deceased father or mother can give a headache to some people. You can do a lot of things when you inherit a house. For instance, you can rent it or sell it.
Aside from this, you have some other implications to take into account. For example, the house you have inherited may have a mortgage against it, or you may have to pay taxes on the house.
However, you don’t need to worry about it. We have spelled out everything you need to know about this matter.
First of all, you need to ask yourself whether you want to keep the house or get it sold. If you want to keep it, you can rent it out. If you want to sell it, you can go ahead and sell it. But if you don’t want to keep or sell it, you can choose to disclaim it. Let’s know how to do it.
Go Over the Will
Find out if the deceased left a will. If so, do you know what you are going to inherit as per the will? If you have no idea how to go about these matters, it’s better to get in touch with a good professional.
If the value of the house is over $100k, the court will initiate probate to ensure the loans are paid and the property is distributed among the heirs. Just because you have the will doesn’t mean don’t need to go through the probate process.
Here is another scenario: if you don’t have valid will, what will happen? In this case, the court will proceed according to the state laws of intestacy.
I inherited a house and decided to sell it. What do I have to do?
If you have made your mind to sell the house, below are the steps you should follow:
- Verify your ownership
- Consult a professional
- Consult a tax advisor
- Examine the condition of the property
Do I need to upgrade the house to raise its value?
You don’t have to spend more money on your house to upgrade it. However, you can make some improvements. For instance, if the house is infested with pests, you can call an exterminator.
Make a note of all the problem areas that need to be fixed. Next, you should contact all the professionals that you think can help you get the best offer for your house. Here it’s important to note that the process may take several months, especially if you have hired a real estate agent.
Do you want to sell your inherited house fast to a reliable cash buyer? If so, you can give us a call and we will provide you with a quote within a day. We buy houses in any condition.
Inherited house and mortgage
If you have inherited a house that has a mortgage against it, you may have many questions on your mind that you may be looking for answers to. Not getting answers to these questions may get you in trouble later on. So, here is what you may want to know:
First off, you should find a way to pay the mortgage loan and taxes against the house you have inherited. If you inherited it from one of your parents, you have to live in the house and make the required payments. If you want to assume the mortgage, know that you don’t need to change the ownership of the property.
Be sure to have a conversation with some professionals, such as financial planners and lawyers. You may want to talk to them about other complications that may arise when you are going to inherit a house with mortgage.
Do I have to pay taxes on the house that I have inherited?
If you are going to sell your inherited house, know that you are going to have to pay the income taxes. On the other hand, if you suffered a loss during the sale, you can enjoy a tax deduction.
Many complications can occur when you inherit a house. It’s a good idea to go over the fine print and discuss the matters with a good tax advisor.
According to LegalZoom, the higher your basis in your house, the lower will be your taxable gain if you sell it.
In layman’s terms, it means:
Taxable gain = the value of property – your purchase
According to the inheritance tax, the rules will be different.
You have to pay taxes if you choose to sell an inherited property. You can use the formula given above to figure out your tax gain or loss. Once you are done, you have to report this sale on your 1040 tax return and the IRS Schedule D. Make sure you do this during the same year you sell the house.
What is the process of disclaiming an inherited property?
You may have some solid reasons not to do anything about your inherited house. For instance, you may have any of the following reasons for disclaiming the house:
- You can’t pay the property taxes
- You can’t take the responsibility of the legal past of the deceased
- You want to give the house to someone else
- You may have other reasons that you don’t want to reveal
Disclaimer requirements:
- Make sure it’s done in writing
- Make sure you disclaim it within 9 months after the death of the deceased
- Make sure you get no benefits from the property disclaimer
- Make sure the asset is not transferred to the property disclaimer in some other way
Do you want to rent out your inherited house?
As a landlord, you will have a lot of responsibilities on your shoulders.
Sell your house fast for cash
Are you willing to sell your inherited house in Austin? You can sell it to a house-buying company. This will give you peace of mind as you won’t have to pay for any repairs. Plus, you won’t have to pay any commission. Just give us a call at (512) 710-6201 and we will make you an offer within 24 hours.
You should now have a better understanding of your options if you were asking yourself, “I Inherited A House In Austin. Now What?”
At REIMAGINE Reality Solutions, we will make you a cash offer within 24 hours. Upon your acceptance, the closing can happen in a week or so.
If you have made your mind to sell your Austin area house fast and you want a no-obligation cash offer, just give us a call at 512-710-6201. We will answer your questions until you are satisfied.