Plan an inherited-home sale in the right order

Who has authority to act?

Bring the ownership situation and the relevant professional contacts to the first conversation. Ask the attorney or settlement professional which documents establish authority to sign and convey the property. Do not assume that possession of keys, payment of expenses or agreement among relatives answers the title question. Clarify the authorized decision-maker before commissioning substantial work or accepting obligations.

Stabilize the property before choosing improvements

Create a practical record of access, utilities, insurance, urgent condition concerns and ongoing bills. Separate contents decisions from the real-estate preparation scope. If the home will be vacant, ask the insurer about the actual coverage and reporting requirements. Obtain a basic condition assessment and estimates before comparing an as-is sale with a preparation project.

Keep sale proceeds and tax questions in different files

A proceeds estimate describes cash flows in the transaction; it does not determine taxable gain. IRS Publication 523 is a starting federal reference for home-sale questions, while inherited-property facts may require additional tax analysis. Give a qualified adviser the actual acquisition and estate information, improvements and intended sale facts. This consultation page does not determine probate requirements or an individual tax outcome.

Source: IRS Publication 523: Selling Your Home