Inheriting a home in Pinellas often comes at a hard time. If you’re thinking about selling, it helps to know the steps before you start. Here is a plain-English overview of selling an inherited home here, from probate to the tax basics.
Key takeaways
- Who can sell usually depends on how the home was owned and whether probate is needed.
- Florida has a simpler summary administration for smaller estates or when the death was more than 2 years ago.
- Inherited property generally gets a tax basis equal to its value at the date of death, under federal rules.
- Florida has no state estate or inheritance tax.
First, how was the home owned?
| How it was titled | What usually happens |
|---|---|
| Jointly with right of survivorship | The survivor typically owns it without probate |
| In a trust | The trustee can usually sell under the trust’s terms |
| With a life estate or enhanced life estate deed | Passes to the named remainder owners |
| In the person’s name alone | Probate is usually needed before a sale |
Probate in Pinellas
Probate cases are filed with the Pinellas County Clerk of the Circuit Court. Florida has two main types:
- Formal administration, where the court appoints a personal representative who can sell with the court’s authority.
- Summary administration, available when the estate, not counting exempt property, is worth $75,000 or less, or when the person died more than 2 years ago.
If the home was the person’s homestead, Florida has special rules about who it passes to, so a probate attorney’s advice is especially important.
Tax basics
Under federal rules, the basis of inherited property is generally its fair market value on the date of death. If you sell soon after, the gain may be small. An appraisal as of the date of death helps document that value.
Getting the home ready
- Secure the home and keep insurance in force. Tell the insurer it’s vacant if it is.
- Keep paying property taxes and association dues.
- Gather keys, warranties, permits and association documents.
- Decide whether to clean out and stage, or sell as is.
Our tip: Vacant homes on the coast need checking after storms and regular airing out. Our closing-up checklist has ideas that apply.
What this means for you
Take it a step at a time. Talk to a Florida probate attorney first, then let us help with pricing and preparation. Our pricing guide and cost of selling guide are good next reads.
Please note: Laws, tax rules and insurance terms change, so check the details for your situation with a licensed professional, such as a Florida real estate attorney, insurance agent or tax adviser, before you act.
We’ll handle it with care. Contact us whenever you’re ready.
Sources
- Florida Statutes, section 735.201, summary administration.
- IRS Publication 551, Basis of Assets, property inherited from a decedent.
- Pinellas County Clerk of the Circuit Court and Comptroller, probate.
- Florida Department of Revenue, estate tax.