How To Handle Your Inherited Home In Florida

How To Handle Your Inherited Home In Florida

0 Flares Facebook 0 Google+ 0 LinkedIn 0 Twitter 0 0 Flares ×

Did you recently inherit a home in Florida?

If so, you must have a lot of questions and concerns. It can be a very important time. And the decisions you make going forward can prove to play a large role in where you end up.

First thing first the decision regarding whether you should sell or keep your inherited home is always a very personal one. And only you and your loved ones can decide that.

It’s apparent that inherited homes have strong sentimental values attached to them – thus you want to ensure you give this stage the proper thought it deserves. Selling or failing to sell…and deciding otherwise later on will only lead to regret. You, therefore, want to take time and come up with the most optimal decision now.

Once you’ve decided, you have to ensure you’re in compliance with Florida’s laws and procedures. If you’re choosing to sell your homes, you’ll have to go through certain stages and will have to know certain things.

Here are the steps you’ll be taking (if you’re selling your inherited home in Florida):

Come up with the best decision 

We recommend taking into account the wishes and requests of the person who gave you their home. Once you do, decide whether you’ll be keeping the home or selling it. It’s important you weigh both the pros and cons of each decision. If you’re not at the stage of your life where you can properly care for the uptake and maintenance of the home – it probably makes sense to sell.

Nonetheless, only you can arrive at this decision.

If you decide to sell, you must then…

Figure out the market price for your home

Sentimental value attributed to the home aside – what is your inherited property actually worth?

It can be difficult putting a number on it because there’s usually a lot of feelings attached to the home – but you must get a clear indication of how much your home is actually worth. One of the best ways to do this is simply by checking what similar homes are going for in the marketplace.

Why is this so important?

Simply because one of the most fatal mistakes made by people looking to sell is they price their home too high, scaring away would be buyers. Don’t make this mistake. And your efforts will go a long way in getting your home sold, quick and for top dollar.

Figure out taxes and regulations relating to inherited homes in Florida 

Most states have special taxes and regulations associated with inherited homes. And you must go through the state’s rules and regulations and ensure you’re in compliance.

Below are some of the things you must know about Florida:

  • Unlike other states, the state of Florida does not collect an inheritance tax. Although this is the case, you must keep in mind that you may actually end up paying an inheritance tax IF you inherit the property from someone who lived in a state with inheritance states.
  • Children under 18 cannot hold title for an inherited property – instead an adult must take responsibility until the child is at least 18 years of age.
  • If you are the trustee of a state, you will have to get a taxpayer identification number.

Once you get clear about the above, you’ll be better able to navigate through the complex process. And make the best decisions regarding how to successfully handle your inherited home in Florida.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

0 Flares Facebook 0 Google+ 0 LinkedIn 0 Twitter 0 0 Flares ×