We Buy Houses In Irmo South Carolina. Did you just inherit a home in Irmo SC? We know that inheriting a home is a pretty sweet experience yet bitter at the same time. You are left with a property of great value that you can use to improve your life, but you are still mourning the loss of a loved one. Well, paying taxes on an inherited property can be a little bit tricky.
For example, do you still get up to a $250,000 tax credit? Can a capital loss be deducted if the home sells for less than market value? It’s probably a little overwhelming. But not to worry, as local homebuyers in South Carolina, we’ve worked with lots of people in Irmo SC who were in the same position. Just know, we can pay cash for houses in Irmo. Here are a few things that you should probably be aware of.
There’s No Home Sale Tax Exclusion — Typically, a seller would be able to deduct up to $250,000 in taxes on the sale of their home. But that’s only on a primary residence. So it only applies to an inherited home in Irmo SC if you live in it and use it as your primary residence for two years.
You’ll Benefit From Stepped-Up Basis Rules — The good news is that “stepped-up basis” rules consider the home’s value as being its fair market value at the time of the owner’s death. This is almost always a higher number, which can work in your favor tax-wise if the property in Irmo SC is sold (because if you sell for less than the stepped-up basis, you’ll have taken a “loss”).
You Can Deduct Up To $3,000 Per Year For Losses — Any loss that is taken on the sale of your inherited property can be deducted from your taxes (a “loss” is when the property is sold for less than its fair market value). But you can only deduct up to $3,000 per year.
How To Sell Quickly, As-Is For Cash — Want to sell your inherited home quickly, as-is for cash? At Pearl Properties, we buy properties just like yours and we can even close in as little as two weeks and we’ll pay all closing costs. Give us a call at (803) 948-9200 to learn more!
Sell My House In Irmo SC
Selling an inherited property can relieve you of quite a burden. In addition to that, selling the property to professional South Carolina home buyers like us here at Pearl Properties is a simple and fast process. Contact us for inquiries on how to go about things when you sell your house in SC and other areas in South Carolina, and we will be glad to help you!