Selling Inherited Land How to Guide
Have you inherited land and wondering what to do with it? You have two main choices, to sell it or to keep it.
Whether you choose to sell or to keep it, the options after that become a little more complex.
If you decide you want to sell it, we have assembled a selling inherited land how to guide just for you!
6 Steps of the Selling Inherited Land How to Guide:
- Change in ownership
- Tax liability
- Assess the value
- Sell your property
- Obtain a report of capital gains
- Record capital gain on tax return
Selling Inherited Land How to Guide
Our six step selling inherited land how to guide is here to help make your selling process that much easier!
If your inherited land is in an area with complex selling processes, we suggest seeking the services of a real estate agent to help you through the process.
Step One: Change in ownership
The first step in the selling inherited land: how to guide is to ensure that the title deed of the land has been changed to your name.
The change in ownership must be recorded at the recorder’s office in the county of which the land is located.
This step is required in order to sell the land as you may not sell the land until you have been issued with a deed to the property by the executor of state.
Step Two: Tax liability
The second step is to call the city in which the land is located and ascertain the land’s property tax liability.
It is important to understand that you, as the owner, are now liable for the taxes of the land until the sale of the property is finalized.
Step Three: Assess the value
The third step in the selling inherited land how to guide is important – assess the value of the property.
To do this, we recommend obtaining a few real estate agents in the area to come and assess the value based on other properties in the area and the market.
If you feel that none of the real estate agents have provided you with an adequate assessment, you can retain the services of an appraiser.
An appraiser will proceed to calculate and provide you with the most recent and most current market value of the land.
Step Four: Sell your property
After you complete the above three steps you can finally sell your property!
You can opt to sell the property by yourself or have a specialist, such as a real estate agent, sell your property for you.
If you choose to have a real estate agent, you may find that you are able to sell the property in a more efficient and effective way.
If you enlist the help of a real estate agent, you will have to pay them commission. Their commission can be negotiable.
Step Five: Obtain a report of capital gains
Once the property has been sold you will need to obtain a detailed report of your capital gains.
What is your capital gain?
Your capital gain is the difference from the value of the land when the person who named you their beneficiary died and the price you actually sell the land for.
Step Six: Record capital gain on tax return
The final step in the selling inherited land how to guide is to record your capital gain on your next tax return.
Be careful not to sell the land too soon after you inherit it. If the house is sold too soon you are most likely not going to have any capital gain.
That completes the six steps in our selling inherited land how to guide! Whether you have already decided to sell the inherited land or are trying to understand your options, we hope this has been helpful.
If you have decided that you want to sell your inherited land and you’re thinking, “I want to sell my house fast,” you’re in luck!
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