When you inherit a home, you have three choices: keep it, rent it out, or sell it. According to financial experts, selling an inherited house in Pittsburgh may be the best option. In this article, we’ll look at the costs that you can incur when dealing with inherited property. You must consider factors like taxes and potential renovation costs, real estate agent fees, and more. If you have wondered how can I sell my inherited house in Pittsburgh, this guide will help you determine the best move. When dealing with a property in your family, there are plenty of decisions to make. You must decide whether or not you should sell the inherited property now, or keep it for personal use or investment purposes.
Avoid Paying Capital Gains Tax
When you sell property, you pay capital gains, which are calculated according to how much the property has increased in value since it was first purchased. Property that was bequeathed is considered a “gift”, so you pay taxes only according to how the property has increased in value since you inherited it. If you sell your inherited property in Pittsburgh right away, and there is not a huge difference in its value, you don’t have to pay any capital gains tax.
