If you just inherited a house and wondering what the financial and tax implications are – Marc Cormier of Berkshire Hathaway Fed Pen Realty (301-660-6272) just shared expert tips in his new guide.
Inheriting a house can feel like unboxing a present lined with question marks. One moment, you’re overjoyed at the unexpected gift, and the next, struggling with challenges that come with it.
Now, you’re faced with tangled tax issues, a complex probate procedure, and of course the issue of maintenance until you decide whether to sell it, live in it, or rent it out.
In this whirlwind of emotions and confusion, you’re not alone. Marc Cormier, a reputable Maryland probate realtor, is always on standby to guide you through the probate real estate transactions.
He recently released a guide, titled "What to Do When You Inherit a House in the District of Columbia, Maryland, or Virginia," that answers many of the questions you may have about taxes, the probate procedure, and selling your inherited property.
Access it now at https://guidetoprobate.com/how-probate-works/inheriting-house-dc-va-md/
In his latest piece, Marc Cormier notes that inheriting a house can be a double-edged sword, bringing both joy and challenges. He, however, offered insightful tips to help you navigate the complex probate process.
Mr. Cormier begins by outlining the probate process, emphasizing the need to determine whether the deceased individual had a will. He points out that if the deceased had left no will, the court would appoint an administrator to manage the estate and distribute the remaining assets to beneficiaries.
The guide also delves into the tax considerations that come with inheriting a property. These taxes, as Mr. Cormier points out, may include income and probate taxes, estate taxes, inheritance taxes, and capital gains taxes. He emphasizes the importance of working with a CPA with experience in inheritance tax issues to avoid mistakes and ensure all legal obligations are met.
If you plan to sell your inherited house, the guide provides practice advice that covers various aspects of the home-selling process. According to Mr. Cormier, the first step in the process is determining your property’s value, which can be achieved by engaging a professional appraiser. Other vital factors highlighted in the guide include deciding whether to enlist the services of a real estate agent and if renovating the property before selling makes more financial sense than selling it as is.
As a probate realtor with over two decades of experience, Marc Cormier understands the intricacies of probate real estate transactions and can handle the entire process for you.
He also provides cash-for-home services, offering to buy inherited properties if you’re looking to sell quickly without going through the traditional home listing process. His offers are based on the going market rates and the current condition of the house.
Cormier says, "Working your way through the intricacies of probate procedures, federal tax, state tax, and more while dealing with the loss of a loved one is an incredible challenge. This guide provides a roadmap for everything you need to know about inheriting a house."
If you recently found yourself the new owner of a home and feeling overwhelmed - probate realtor Marc Cormier is here to walk you through the process.
Visit https://guidetoprobate.com/ to read the guide in full.