Sell An Inherited House

Did you know? Baltimore City has a Homestead Tax Credit that can significantly reduce the property taxes on a home you inherit, if you plan to use it as your primary residence.  So, you are not sure if you want to sell an inherited house? No worries, we created a list of alternatives you might…

Did you know that the probate process for an inherited property can sometimes be expedited in Baltimore? Yes, that is if all family members are in agreement about the home’s disposition.  However, if not everyone is on board with one particular way to proceed then dealing with family emotions when selling an inherited home can…

Did you know that, according to the IRS, inherited property receives a “step-up” in basis to its fair market value on the date of the deceased’s death? This means that when you sell the property, you’ll only pay capital gains taxes on the difference between the sale price and that stepped-up basis, not the original…

Did you know the way your inherited property was owned affects your selling timeline? “Joint Tenancy with Right of Survivorship” bypasses probate, meaning a potentially faster sale. However, properties held as “Tenancy in Common” or in “Sole Ownership” require probate, adding time to the preparation process. Also, inheriting a property without a will doesn’t speed…

Welcome to another guide, and this time we’ll shift our focus to the legal aspects of selling an inherited house.  Did you know that Maryland has an inheritance tax, but it only applies to certain beneficiaries? Lineal relatives (like children, parents, and spouses) are exempt. Keep this important detail in my mind when you are…