Inheriting a House Cedar Rapids
When you know that you are going to be inheriting a house Cedar Rapids, nothing has to be done immediately. You and siblings will have a lot of different emotions and memories about the home. Think about what the home means to each of you. Some may want to sell and split the proceeds immediately. Others may think about living in the house again. Still another alternative is to rent the house. Everyone will want to know what the house is worth.
Many questions will arise as the heirs may be confused about what to do when they inherit a house. What is probate and how much do they owe in inheritance taxes?
“Probate” is a term that is often mentioned (well, maybe not often) but many people don’t understand what it really involves. Probate is the legal process where, through a court-supervised system, a deceased individual’s assets are transferred to their rightful heirs/beneficiaries; taxes are paid; and debts/claims are handled. The probate process also includes the validation of a will.
First, was there a will? According to The Peoples Law Library, “If the decedent did not have a will and assets were just in his name, Iowa law determines how the decedent’s property will pass to the family of the decedent.”
If there was a will in Iowa, then the probate laws kick in and the property is distributed according to the will. Probate isn’t always required after someone dies; it depends on what assets the decedent owned. At its most basic level, the probate process in Iowa involves two steps: paying your debts and transferring any assets to your beneficiaries
Iowa does not have an estate tax or inheritance tax. An inheritance tax is a tax imposed on the individual beneficiaries of an estate, while an estate tax is imposed on the entire value of an estate.
Exemptions from Iowa Inheritance Tax
- surviving spouse
- parents, grandparents, and other lineal ancestors, and
- children (biological or legally adopted), stepchildren, grandchildren, and other lineal descendants
- charitable organization as defined in sections 170(c) and 2055 of the Internal Revenue Code
- public libraries, hospitals, humane societies, municipal corporations, and bequests for care of cemetery lots, within Iowa
- recipients of bequests for religious services, up to $500.
During probate or when a property has cleared probate, the heirs who are inheriting a house Cedar Rapids may want to quickly dispose of the property. That’s where Harmony Property Solutions, LLC can help.
Harmony Property Solutions, LLC is here to help homeowners with inheriting a house Cedar Rapids or other kinds of distressed situations. As investors, we are in business to make a modest profit on any deal, however we can help homeowners out of just about any situation, no matter what! There are no fees, upfront costs, commissions, or anything else. Just the simple honest truth about your home and how we can help you sell it fast to resolve any situation.
Harmony Property Solutions, LLC is part of a nationwide group of thousands of investors who are helping tens of thousands of homeowners every year. We may not be the “traditional” route, but we CAN help and we can do it quickly!
Give us a call today at 319-343-6773 to let us know what YOU need help with!