Dealing With Inheritance Taxes – Should You Sell Your Sacramento House?
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Taxes and real estate – they seem to go hand in hand. There are several different kinds of taxes you have to pay when you’re ready to say “sell my house quick for cash”, from capital gains tax to- sometimes- inheritance taxes. Unfortunately, inheritance taxes can be a little overwhelming. But what are inheritance taxes, and are they really worth it when trying to sell the home you just got from great-grandpa’s will?
What are Inheritance Taxes?
ANY time you say “sell my house quick for cash”, you have to pay what’s called ‘capital gains’ taxes. These represent the difference between the value of the house when you bought it, and the value of the house now that you’re selling it. Depending on what your income is, you may have to pay up to 20% of those capital gains to the government. If you inherit a house, you still have to pay capital gains when you sell it- but those capital gains are calculated on the value of the home when you inherited it. This creates an ‘inheritance tax’, which has to be paid when you sell an inherited house.
Building An Inherited Home’s Value
Oftentimes, when you inherit a house, repairs and remodels are made. Those are a real help because they can mean the house has more value and that it’s a more attractive purchase to buyers, which means it will move through the market faster. It can also increase the value of the home you’re just going to turn around and sell later. When you update the home, you can potentially get the cost of those repairs taken off your inheritance tax and earn more money when you eventually sell the house.
So, Should You Sell An Inherited Home?
What you want to do with your inherited property is really up to you- after all, inheritance taxes won’t make that much of a dent in your profits, especially if you haven’t done much updating. Besides, updating a home can be expensive, and there’s always a cheaper option that’ll cost you less in overall taxes- selling to a great cash buyer like Rapido House Buyers. At Rapido, we buy houses in Sacramento, and we buy them for fast cash. Don’t take the time to sort out the pricing on a market you can’t control- sell the house as soon as you can, and avoid the bulk of the inheritance taxes. Don’t let the market lose your profits- sell your home quickly and as-is to Rapido. We buy homes for cash fast, even those that have been inherited.
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