CHAPTER 1 Dealing with Inherited Homes: Best ed Homes: Best Practices for Families Dealing with the Probate Process of an Inherited Home is a complex subject, and there are several complicated issues to resolve. It is important to keep in mind that the Probate Process simply involves the court to intervene concerning the Will (Testate) or not having a Will (Intestate) of Inherited Homes. For Example, finding information on the web search for “selling inherited property” or understanding the Probate Process returns more than 10 million results. A glance down the first page or two shows some of the issues: • Do You Pay Capital Gains Taxes on Property You Inherit? • What Taxes Are on an Inherited House? • If You Inherit a Home Do You Qualify for the $250,000 Home Sale Tax Exclusion? • What to Do When You Inherit Your Parent’s House, Home Inheritance Issues, and on and on. Additionally, it is not uncommon for a person selling an inherited home to have a sentimental attachment to the property, with the sale being the result of a recent death in the immediate family. This adds an emotionally overwhelming component to the transaction. Because of continuing property ownership obligations such as property taxes, insurance, utility bills, household and grounds maintenance—in addition to any issues with the settlement of the 1
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