If you’ve recently inherited a property in Washington DC, Maryland, or Northern Virginia, you may be wondering about the best way to sell it, ideally without getting hit with capital gains tax. Selling inherited property tax-free is achievable if you know the right steps to take, and, as with any inherited asset, making informed decisions can help you save both time and money.
At Brickfront Properties and Construction, we help homeowners navigate the process of selling inherited homes quickly, without the need for costly repairs or lengthy negotiations. Here’s a guide on selling your inherited property tax-free and how Brickfront can help you make the most of your sale.
Understanding Capital Gains Tax on Inherited Property
Capital gains tax can be a major consideration when selling an inherited property. Fortunately, there’s a tax rule called the “stepped-up basis” that can significantly reduce your tax burden. When you inherit a property, the IRS allows you to adjust its tax basis, or starting value, to the fair market value at the time of inheritance. This means you’re only responsible for the gains that occur from that point onward.
For example, if the property was originally purchased at $200,000 but is worth $400,000 at inheritance, the tax basis is adjusted to $400,000. If you sell soon after inheriting, you’ll likely face minimal or no capital gains tax since the property’s value hasn’t had much time to increase.
How to Sell Inherited Property Tax-Free
If you’re looking to avoid capital gains taxes, selling your inherited home as soon as possible is a great option. Here’s how to increase your chances of a tax-free sale:
- Sell Within a Year
Selling the property quickly, ideally within a year of inheritance, can help minimize any increase in property value that could result in capital gains. A quick sale can help you avoid the hassle of ongoing property taxes, upkeep, and other costs. - Sell As-Is
Inherited homes often need updates, repairs, or renovations. Instead of spending money on improvements, selling the property as-is can save you time and keep expenses low. At Brickfront Properties and Construction, we buy homes in any condition, meaning no costly updates or renovations are necessary. - Work with an Experienced Buyer
Selling inherited property comes with specific challenges, and working with a trusted buyer can make the process faster and easier. Brickfront Properties specializes in buying inherited properties in the DMV area, offering cash sales with quick closings to make the process smooth and efficient.
Benefits of Selling Your Inherited Property to Brickfront Properties and Construction
As a diversified company with over two decades of experience, Brickfront Properties and Construction understands the unique needs of homeowners selling inherited properties. Here’s what you can expect when you choose us:
- Cash Offers
We offer cash, so you don’t have to wait for bank financing or risk potential delays. With a cash offer, you can move forward quickly. - Quick Closings
We can close the sale in as little as two weeks, allowing you to finalize the transaction without the lengthy waiting periods typically associated with traditional sales. - Sell As-Is, With No Hassle
Selling to Brickfront means you don’t have to make repairs, clean out the property, or worry about staging. We handle all the details, allowing you to focus on what matters most. - No Commissions or Fees
By selling directly to us, you avoid paying realtor commissions or hidden fees. Our process is transparent and designed to benefit you as the seller.
Ready to Sell Your Inherited Property? Here’s How to Get Started
At Brickfront Properties and Construction, we’re committed to helping you achieve a quick, hassle-free sale. Our process is simple and stress-free:
- Schedule a Free Consultation
Contact us to schedule a free consultation. We’ll discuss your property and provide you with a no-obligation cash offer. - Review Your Offer
We’ll review our offer with you, answer any questions, and ensure you’re comfortable with the process. - Close Quickly
Once you accept our offer, we handle all paperwork and details, aiming to close within two weeks or on your timeline.
Contact Brickfront Properties and Construction Today
If you’re ready to sell your inherited property in the DMV area tax-free, reach out to Brickfront Properties and Construction or call us at (240) 679-8078. We’re here to help you unlock the value of your inherited property and make the process as easy as possible. Contact us today for your free consultation and see how we can help you sell your home with zero hassle.
