Property in Kanawha County
As much as we’d like inheriting property to be easy and free, sadly it never is. The first question most think of is if they have to pay for inheritance tax or estate tax. The good news for Kanawha County residents is that West Virginia does not collect estate tax nor inheritance tax.
You will, however, need to consider federal estate tax if the estate you’re inheriting is worth more than $11.18 million. If the property you’re inheriting is from another state, you may have to pay the applicable estate tax that is charged by that state.
Thanks to inheritance laws in West Virginia, this makes it a bit easier to keep property that you inherit from a relative who passes away. But what do you do if you don’t want to keep a piece of inherited real estate?
What happens when you sell inherited property in West Virginia?
For some, they may not need inherited property to live in or use so what can they do with it? Regardless of whether you plan to occupy the house or not, you are left with great property value that you can use to improve your life and finances.
Selling property that you inherited is totally possible once its ownership has been fully transferred to you. The main thing that you have to consider when you sell inherited property in West Virginia are the tax consequences.
Firstly, we must understand the calculation of basis to know how you’ll be taxed. Basis refers to the asset cost for the purpose of calculating capital gains tax and other taxes. The value of your inherited property is increased to the market value of the home at the time of the original owner’s death. Even if they purchased the house years ago for only $30,000, if it’s worth $100,000 today than your tax will be based on that $100,000 value.
The main tax that will apply is on capital gains/losses. This refers to what you earn from selling the property. If you decide to sell inherited property in West Virginia, the sale is regarded as capital gain or loss for the purpose of income tax. You can qualify for lower rates of long-term capital gains if you hold the property for at least a year, so this is something worth considering.
How can I sell my house fast in Kanawha County?
Unless you’re set to move into your inherited property in Kanawha County, managing a 2nd property can be quite a burden. Aside from having to deal with the rest of the deceased’s estate, you will also need to manage the home, make sure it doesn’t fall into disrepair or suddenly become occupied by squatters.
Even selling the home can be a tough process that brings with it its own headaches. So why not make things easier by selling to a real estate investor like 3 Oh 4 Investments, LLC.
With 3 Oh 4 Investments, we make selling your home a breeze without you having to worry about finding an agent, listing, or conducting repairs and inspections. Through our easy 3-step process, you can truly sell your house fast in Kanawha County as we give you a fair cash offer in just 72 hours. We buy houses in any condition, so you never have to worry if you’ll be able to sell or not.
What are you waiting for? If you have a property to sell, contact 3 Oh 4 Investments today and learn how we can help you and how much you can get for your property.
