Inherited Property Guide
Step-by-step guide to selling inherited property in Florida. Probate, stepped-up basis, multiple heirs, and fast options.
Determine if probate is needed. Trust property bypasses probate entirely - the successor trustee can sell immediately. Joint tenancy with right of survivorship and transfer-on-death designations also bypass probate. Property titled solely in the deceased name requires formal probate before you can sell.
Florida offers two paths: Formal Administration (estates over $75,000 or death within 2 years) takes 3-6 months with court-appointed personal representative. Summary Administration (under $75,000 or death 2+ years ago) takes 4-8 weeks with a court order transferring assets directly to heirs.
The biggest benefit is the stepped-up basis. Your cost basis becomes fair market value at date of death - not what the deceased paid. Example: parent paid $100K, value at death $350K, you sell for $360K - taxable gain is only $10K, not $260K. Florida has no state income tax, so only federal capital gains apply.
All heirs must agree to sell. If one refuses, others can file a partition action (FL Statute 64.011) to force the sale. This is expensive and slow, so agreement is always preferable. Cash offers help because the quick, certain sale minimizes conflict between heirs.
Already through probate or in a trust: cash buyer, close in 7-14 days. Probate pending: get a cash offer now and close as soon as probate completes. Summary administration + cash buyer = 6-10 weeks total.
Often less than people expect. Inherited property generally takes a basis equal to its fair market value at the date of death, so gain is measured from that value rather than what the decedent paid (IRS Publication 551). Florida has no personal state income tax. Keep the date-of-death appraisal or comparable sales with the estate file, and confirm the numbers with a tax professional.
The decedent's homestead exemption and Save Our Homes cap do not carry over automatically. Florida reassesses property at just value as of January 1 after a change of ownership (section 193.155, Florida Statutes), and an heir who moves in must apply for their own homestead exemption by March 1 (section 196.011). Carrying costs during probate are paid by the estate or the heirs, which is one reason timing matters.
General information about Florida law, not legal or tax advice. Confirm your situation with a Florida attorney or tax professional.
Generally no - you need legal authority. But get a cash offer ready and close immediately when probate finalizes.
The mortgage continues after death. Someone must pay to avoid foreclosure. Sell the property and pay it off at closing.
Paid at closing from sale proceeds through the title company. No out-of-pocket payment needed.