How to sell the house inherited to pay the expenses of the inheritance

Receiving an inheritance Sometimes it is more complex than it seems, especially if this is shared among many heirs. In addition, it is usually an expensive pr

How to sell the house inherited to pay the expenses of the inheritance

Receiving an inheritance Sometimes it is more complex than it seems, especially if this is shared among many heirs. In addition, it is usually an expensive process: the expenses of the notice and the registration, the payment of the succession tax, the cancellation of the debts that may have the deceased, among many other things, are responsible for the reception of the inheritance. But what happens if the beneficiaries do not have a solvency to deal with these costs? Experts from the financial and real estate comparator HelpMyCash.com propose a solution: sell the house inherited and solve expenses with profit.

Many heirs are wondering if you can use the money from the inheritance to pay for expenses. Although in the theory it can be, in practice it is a bit more complicated. This is because banks usually block the accounts of the deceased person until the writing of acceptance, the distribution of the inheritance and the settlement of taxes has been presented. Therefore, if the inheritance includes a home, selling it can be a solution to pay all expenses.

However, in principle, the taxes of the inheritance, that is, the succession and the municipal surplus value, must be liquidated before selling the property. So, how is it possible to pay these taxes with the money from the sale? As explained by the Tax Law Expert, José María Salcedo, to HelpmyCash, "Taxpayers have the possibility of applying for the extension of the presentation of taxes."

From the comparator they add that, in case of inheritance, the payment term of the tributes is six months, but these can be extended for another identical period. Therefore, "the heir could ask for a postponement and this would be enough to register housing in the registry and sell it," they point out.

In addition, there is another complementary alternative: order a fractionation of payment. In this regard, Salcedo explains to HelpmyCash that "taxpayers can request the fractionation of the tax debt, once it is required. This fractionation will be without guarantees for debts less than 30,000 euros". In addition, the heirs should demonstrate that they do not have enough solvency to deal with full payment.

Thus, selling the property to settle the expenses of the inheritance is a viable option. However, "the sale must be consumed within the payment period of taxes, that is, within the period of a year at most," they detail from Helpmycash. For all that, "asking for advice to a real estate agent can be especially useful in these cases, so the sales time can be reduced to a minimum," conclude.

Updated Date: 06 January 2022, 12:20

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