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Are you planning to sell an inherited house? Well, consider yourself fortunate! We’ve got just the guide you need to ensure a seamless selling experience. Our comprehensive guide is here to simplify the process for you, step by step. We’ll guide you through the essential stages, helping you navigate this journey like a pro.

Whether it’s understanding the current status of your inherited house, tackling probate matters, or finding potential buyers, selling an inherited property demands significant effort.

Fear not! Our guide is packed with essential information to enlighten you on what to expect when selling inherited property in Chicago. Rest assured, we’ve got you covered, ensuring a smooth sale process.

Selling an Inherited Home

Inheriting a house in Chicago can be both a blessing and a responsibility. However, with the right knowledge and guidance, it can also be a rewarding experience. By following these tips, you can navigate the selling process successfully and make the most of your inherited house.

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Decide Whether to Keep or Sell the Inherited Home:

  • Assess your circumstances, financial goals, and whether keeping or selling the inherited house aligns with your plans.

  • Consider factors such as maintenance costs, property management responsibilities, and the emotional attachment to the home when selling.

  • Determine if selling the inherited house is the best option to maximize its value and provide financial flexibility.

Things to Know About Inheriting A House in Chicago

We’re here to provide a quick and straightforward overview of what you need to know about inheriting a property. Discover things you should know about inheriting a house or building in Chicago.

This valuable insight will help you approach the task with confidence and ease. Let’s dive right in and explore the essentials of inheriting property in Chicago.

Ask an Estate Attorney for Legal Advice

It’s wise to seek legal advice from an experienced estate attorney. After all, they know the law about real estate transactions in Chicago. Asking an estate attorney for legal advice will help you comply with the laws and regulations regarding owning and selling an inherited property in Chicago. Plus, they can provide valuable tips for getting the most out of your inherited house or building.

You Won’t Have To Pay Any Inheritance Taxes in Illinois

Since 2021, Illinois does not require tax payments for inherited houses. In Illinois, individuals who receive an inheritance of cash or property as a gift are not subject to taxation.

Consequently, calculating the recipient’s income taxes does not include any inheritance received by a beneficiary or heir of an estate. It is worth noting that Illinois does have an estate tax, but it only applies to estates with a value exceeding $4 million.

You Can Avoid Capital Gains Tax When Selling an Inherited Home

When you sell your own house, your taxes are paid based on the difference between the purchase price and the sale price. In other words, you pay taxes on your profit. However, the regulations when selling an inherited property are different.

When selling a house you inherited, you still have to pay capital gains but it’s based on what’s called “stepped-up basis.” This means the value of the inherited house is above the original purchase price at the time of the decedent’s death. So capital gains taxes are based on the difference between the current value of the inherited property and the sale price.

Take this example, if your dad paid $80,000 for the property and when you inherited it the value was $150,000 (appraised value), the higher amount is the cost basis. Now you sell your inherited house for $160,000. You pay capital gains taxes on only ($10,000).

And, of course, if you sell an inherited house at a value lower than the original purchase price, you can deduct the difference from your taxes.

You Can Refuse Ownership of the Inherited Property If You Don’t Want It

If you inherit a property and decide you don’t want to claim it, that’s your choice. If the house has a mortgage amount that is higher than the value letting it go into foreclosure might be a good move. If you don’t want the property, contact an attorney to get things handled properly.

Understand The Status of Your Inherited Property

Finding status of inherited property before selling

When inheriting a property in Chicago, understanding the status of ownership or how the property is being held is important. The way the property is held will determine how you can sell your inherited house. Let’s take a look at a few instances: 

  • Transfer on Death DeedA legal instrument called a transfer-on-death deed allows people to transfer home ownership upon death eliminating the need for probate. This deed functions as a means to designate a beneficiary who will inherit the property directly upon the property owner’s death.

  • Probatethe legal procedure used to administer and settle the estate of a deceased person. It includes validating the will, identifying assets, paying debts and taxes, and distributing assets to heirs or beneficiaries.

  • Property Held in A TrustIf the house is in a trust, a loved one ensures that it follows the terms of the trust agreement. Upon their death, the distribution of the property to the designated beneficiaries is dictated by the trust’s instructions without the need for probate. Therefore, as a beneficiary, you can quickly sell the inherited property!

Can I sell my inherited property before going through probate process?

If there no Will involved, selling inherited property in Chicago can be done by obtaining an Affidavit of Heirship. This document is signed, in front of a notary, by all the deceased person’s heirs.

The Affidavit of Heirship identifies the deceased person, their marital status, their children, along with other relevant family members who, according to state laws, are considered the rightful heirs.

When there is no Will, obtaining Affidavits of Heirship is a relatively fast process and a hassle-free way to sell an inherited property quickly.

You can still sell an inherited house quickly for cash, even if it needs a lot of repairs!

Can I sell the house as-is? Or do I need to fix it up before I sell? First, inspect the house to see what needs to be fixed or repaired. Then add up all the repairs, including materials and labor (your time as well), and don’t forget to add at least 15% for things that pop up during the repair process. This should give you a good idea of how much your repair costs will be.

If your costs exceed what you can afford or the property needs a huge amount of repairs – roof replacement, plumbing system, electrical, and so forth – it might be a good idea to sell to a real estate investor for cash. They usually can make you cash offer and buy “as is” – some even pay closing costs. That way, you save thousands, don’t spend money fixing it up, and sell the house quick and easy with zero hassles.