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Top 5 Questions About Inherited Properties Answered | St Petersburg, FL

Have you recently inherited a property? It can be overwhelming to deal with a property you never planned to own. Luckily, you're not alone. Many people inherit properties from family members and have to navigate the unfamiliar territory of what to do with it.


To help you make informed decisions about your inherited property, we've put together a list of the top 5 questions people ask about inherited properties:



What are my tax obligations?


Inherited properties come with tax implications that you should be aware of. In most cases, the property's value is included in the deceased person's estate and may be subject to federal and state estate taxes. However, there are exemptions and exclusions available, and you may not owe any taxes at all. It's best to consult with a tax professional to determine your specific tax obligations.


Should I sell or keep the property?


The decision to sell or keep the property is entirely up to you. Factors to consider include your financial situation, the condition of the property, your future plans, and your emotional attachment to the property. If you decide to sell, you may be able to avoid some of the costs and hassles of selling through a direct sale to a home buying company like New Limits Homes, LLC.


What is probate and do I need to go through it?


Probate is the legal process of administering the deceased person's estate. In Florida, if the property is worth more than $75,000, it may need to go through probate. If the property is worth less than $75,000, you may be able to avoid probate altogether. However, there are exceptions, and it's best to consult with a probate attorney to determine your specific situation.


Who is responsible for maintaining the property?


As the new owner of the inherited property, you are responsible for its maintenance. This includes any necessary repairs, property taxes, and insurance payments. If you decide to rent out the property, you will also need to take care of tenant management and any necessary repairs.


Can I sell the property even if I don't live in Florida?


Yes, you can sell your inherited property even if you don't live in Florida. You can work with a local home buying company like New Limits Homes, LLC, who can handle the entire process remotely and ensure a quick and hassle-free sale.


In conclusion, inherited properties can be a challenging topic to navigate, but with the right information, you can make informed decisions. If you have inherited a property in St Petersburg, FL, New Limits Homes, LLC is always available to provide guidance and purchase your property in a fast and hassle-free way.

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