When a loved one has recently passed away and has left you and your family with property in New Orleans, you’re bound to experience a couple problems before you benefit from the inherited property. Some of the things a lot of heirs worry about are the taxes and fees that go with inheriting property, especially a home. The biggest question for someone who has inherited property is, “What should I do with my extra house in New Orleans?”
Albatross Home Buyers is here to help and provide you some options and ideas for what to do with your extra house in New Orleans.
What do I have to pay for if I inherit New Orleans property?
The first question most heirs have is if they have to pay for anything when inheriting a home. Wiser heirs will know that inheriting something isn’t like a free gift, and usually comes with taxes that you have to pay.
Lucky for New Orleans residents, Louisiana doesn’t have an estate tax or an inheritance tax. But this doesn’t mean that you won’t have to pay for anything. A far as the IRS is concerned, you may have to file the following:
- Final individual federal and state income tax returns
- Federal estate/trust income tax return
- Federal estate tax return
You may also have to go through the probate process to be able to transfer ownership of the New Orleans property to yourself. Check local and state laws about inheritance or you can consult with a lawyer to guide with this step.
Rent the New Orleans home for profit
After dealing with the legal matters, you can now do what you will with the home. If you want to keep the New Orleans home first but don’t plan on living there, you can consider renting it out, either for long-term residency or as an AirBnb if the property is in a desirable location for travelers and tourists.
Depending on the state of the house, you might have to accomplish a few repairs to make it marketable. Depending if you’ll be renting this out as a home or as transient lodging, you might also need to make a few renovation to make it suitable for the target customer.
Of course, this also comes with the responsibility of being a landlord and taking care of the property. Maybe you don’t have the time or the interest to put in all the work. After all, making repairs and chasing down tenants for rent isn’t always an easy job.
Give your New Orleans home away
Since you didn’t buy it and you don’t want to keep the home, you can consider giving it away to a charity or the municipality it’s located in. Contact the future recipient and see what their donation process is like. Or you can choose to give it to a relative or loved one for them to use.
You’ll still need to go through the probate process to get full ownership of the New Orleans property before you can give it away as a gift or donation.
Sell your New Orleans home
Now you know what to do with your extra property in New Orleans, what happens if these options don’t appeal to you? Your last option is to sell the house.
This can be the easiest and most worthwhile option, especially if you’re intent on not keeping it. Once you have full ownership of the New Orleans home, you can simply sell the house and take the profit from the inheritance. That way you get to benefit from the property while it becomes useful to someone else – without you having to worry about it anymore.
To do this, you can either go to a real estate agent who will help you list and sell the property, or you can approach a cash home buyer in New Orleans. Finding one is easy since you can always count on Albatross Home Buyers.
Albatross Home Buyers is here to help when you want to sell my house fast in New Orleans. We’re a trusted and reliable cash home buyer in New Orleans that’s experienced dealing with inherited property.
Unlike selling your home the traditional way, we can get you an offer much sooner and will also let you choose your closing date. We make the selling process easy and give you the driver’s seat when it comes to closing the deal. You won’t have to worry about handling repairs, long waits, or even commission.
Contact us today and let us help you deal with your inherited property in New Orleans!