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Posted: 5/14/2021 1:34:26 PM EDT
[#1]
How long have you owned it, do you live in it at all, when did your grandfather pass away? Also do you the ability to live in it for 2 years if you have not lived in it after you owned it?
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Posted: 5/14/2021 1:40:09 PM EDT
[#2]
Quote HistoryQuoted: How long have you owned it, do you live in it at all, when did your grandfather pass away? Also do you the ability to live in it for 2 years if you have not lived in it after you owned it? I've owned it since Aug 2020, he past in Dec 2018. I currently don't live it, nor have the ability to live in it. |
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Posted: 5/14/2021 1:41:00 PM EDT
[#3]
Quote HistoryQuoted: I've owned it since Aug 2020, he past in Dec 2018. I currently don't live it, nor have the ability to live in it. |
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Posted: 5/14/2021 1:42:55 PM EDT
[#4]
Quote HistoryQuoted: Is it worth more or less then when he passed away? About the same, land price went up value on house went down. |
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Posted: 5/14/2021 1:45:21 PM EDT
[#5]
Quote HistoryQuoted: About the same, land price went up value on house went down. Depending on how you answer all the above questions I asked above will help determine what you may owe on taxes. Here is a quick article to tell you what your looking at. https://www.realtor.com/advice/sell/profits-sale-inherit-a-house/ Sounds like your case may be a little more complicated then what this article goes over because you have land and a house not just a house What ever you do hire a actual CPA not something like HR block to help you with this. Also hire a lawyer to help with the sales paperwork. Don’t use a realtor. |
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Posted: 5/14/2021 1:51:17 PM EDT
[#6]
Our last business transaction, I think was crafted by a lawyer, realtors charging commission didn't enter into the picture, because it was essentially already sold.
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Posted: 5/14/2021 5:34:22 PM EDT
[#7]
I sold my Dad’s house in less than a year so it maybe a bit different for you. The only capital gains tax is the difference between what it was worth when you inherited it and what it is worth when you sell it. For me the difference was zero. There are some other things that figure in but don’t remember right now.
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Posted: 5/14/2021 5:36:13 PM EDT
[#8]
if you inherited it, you can take advantage of the stepped up basis in value that biden is trying to get rid of.
basically if your grandfather bought it for $50k and it was worth $200k at his time of death, you would get it for the $200k valuation. if you sold it for $205k, you would only pay $5k in taxes for capital gains. if he sold it before his death, he would be responsible for the taxes on the gains, there wouldn't be any for a homestead of that value though. i would definitely hire a real estate attorney that can do the title work. he can draft the paperwork to sell to the neighbor for you. |
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Posted: 5/14/2021 5:38:02 PM EDT
[#9]
Double tap
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Posted: 5/14/2021 8:12:15 PM EDT
[#10]
Quote HistoryQuoted: i would definitely hire a real estate attorney that can do the title work. he can draft the paperwork to sell to the neighbor for you. Split the attorney's fees 50/50 with your neighbor, and set up a meeting where the three of you can work out the details. |
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Posted: 5/14/2021 9:22:57 PM EDT
[#11]
Quote HistoryQuoted: Split the attorney's fees 50/50 with your neighbor, and set up a meeting where the three of you can work out the details. +1 to that, saves on the commissions and everyone has the peace of mind that the deed was transferred properly and a title search done to make sure there's no liens on it. |
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Posted: 5/17/2021 3:19:56 AM EDT
[#12]
Quote HistoryQuoted: if you inherited it, you can take advantage of the stepped up basis in value that biden is trying to get rid of. basically if your grandfather bought it for $50k and it was worth $200k at his time of death, you would get it for the $200k valuation. if you sold it for $205k, you would only pay $5k in taxes for capital gains. if he sold it before his death, he would be responsible for the taxes on the gains, there wouldn't be any for a homestead of that value though. i would definitely hire a real estate attorney that can do the title work. he can draft the paperwork to sell to the neighbor for you. Correction for the part in red, he meant you pay the taxes only on the 5k in capital gains. |
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Posted: 5/24/2021 10:16:08 AM EDT
[#13]
My wife is a real estate agent and the market is crazy now. We have driven from waller to huntsville to dayton in the same day to show houses. Seems like most stay on the market for less than a week and they get sold. Now is the time to sell if you want to make some money on it. IM me for her info if you want a agent to sell for you.
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