In the new guide, probate realtor Marc Cormier addresses the concerns of readers who have inherited a house in Maryland, Virginia, or the District of Columbia. He describes the steps of the probate process and the types of taxes that may need to be paid, and gives practical tips for maximizing the sale price, should readers decide to sell the property.
More information is available at http://www.GuideToProbate.com
Cormier understands that dealing with these complicated processes after the loss of a loved one can be confusing and overwhelming, and offers his latest guide as a starting point for making important financial decisions.
The report covers the types of taxes that readers may need to pay in certain circumstances, including income and probate taxes, estate taxes, inheritance taxes, and capital gains taxes. It also introduces readers to the concept of the Step-Up Basis, which can provide significant tax benefits. When a property is inherited, the tax basis for the capital gains tax will be the market value of the property, rather than the value at which it was acquired by the previous owner. This allows the new owners to avoid significant capital gains taxes if they decide to sell the home.
As improvements can often increase the price of a property by as much as 50%, an essential decision each new homeowner has to make, according to the guide, is whether to sell the property as-is, or invest in upgrades to increase its value. Cormier encourages readers to hire a professional appraiser or probate realtor to determine the current value of the property and assess the financial viability of renovating the home.
As a realtor with significant experience in probate property sales, Marc Cormier offers his expertise to help clients in Maryland and Virginia make these important decisions. He emphasizes that there is no one-size-fits-all solution, and many aspects need to be considered, such as the individual’s financial circumstances, the number of heirs, and the condition of the property.
“My approach focuses on securing cash offers to establish a solid foundation for our strategy,” Cormier states. “By identifying the highest cash offer–ensuring that contingencies are removed and verifying its authenticity as a non-wholesale, non-assignable offer–we can then evaluate the potential costs associated with upgrading the property.”
Interested parties can find more information and read the full guide at http://www.GuideToProbate.com
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Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Boston New Times journalist was involved in the writing and production of this article.