Inherited or Probate Properties

There is no inheritance tax in Florida. However, you may owe capital gains tax if you sell the property for more than your tax basis (typically the property’s value when inherited).

No, there is no strict time limit for selling an inherited property in Florida. However, it’s generally advisable to sell sooner if the intent is to avoid potential capital gains taxes from the property appreciating in value over time.

Yes, if multiple people inherit a property, each individual owner has the right to sell their share or percentage of ownership in the property. This may require working with the other co-owners.

If there is an outstanding mortgage, you have a few options: pay off the mortgage balance owed, continue making payments, attempt to assume the existing loan, or refinance into a new mortgage. Outstanding mortgages must be resolved before selling.

You can sell an inherited property once you officially obtain ownership after the probate process is complete, which typically takes 6-9 months in Florida. With a revocable trust or joint tenancy, you may be able to sell sooner by avoiding probate.

Probate is a court-supervised process for locating and collecting the belongings of a  person that’s passed away (decedent), paying off their debts, and releasing their belongings to their beneficiaries.

Yes, you can! Selling a house in probate can be a bit more difficult than selling a regular house, but we’re here to help and make the process much easier!

Believe it or not, you don’t have to wait until the probate process is finished before selling the house. Florida law actually allows heirs to sell before the probate process is completed.

Everybody’s situation is different but, generally speaking, from start to finish, the whole process can take 6 to 9 months. The actual sale, once a buyer is found, can take 3 to 5 weeks.