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Selling a home I inherited

What do I owe, and what has to happen first?

Step 4 of 6

Sell, rent, or keep: which is right for us?

The answer

Lay out the options with numbers next to them: sell now (and use the step-up in basis while the value is close to the date-of-death appraisal), rent it for income, or have one heir buy the others out. If there are several heirs, agree before anyone acts. Most disputes come from decisions made alone.

Emotion is part of this decision, and that's legitimate. Put it next to the numbers rather than instead of them.

How long
Most people spend about 2 weeks here.
What to do0 of 5 done
  • How to: Co-heirs together

    Get every co-heir in the same conversation

  • How to: Numbers on each option

    Put real numbers on sell, rent and keep

  • How to: Buyout considered

    Consider a buyout if one heir wants the home

  • How to: Asked about tax timing

    Ask a tax advisor how timing affects the gain

  • How to: Decision written down

    Decide, and write down what you agreed

Go deeper
What people wish they'd known
  • Deciding alone. Unilateral choices create family conflict that lasts.
  • Delaying indefinitely. Carrying costs and upkeep continue while you wait.
  • Ignoring the tax angle. Selling closer to the date of death usually means less taxable gain.

From the Thrive team

  • If one heir wants to keep the home, an appraisal-based buyout is the cleanest way to be fair to everyone.
The next thing people ask

How do I prepare and price a home I didn't live in?

Go to step 5

Questions you'll probably have

Questions about your situation?

Elliott or Ashley will answer, usually within one business day. No pressure, no pitch.

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