Should I keep the stock because my family member owned it?
What if the inheritance is a house?
- Would you want to live there as your primary residence? If you do, then you’re in luck – keep it! Just be sure to crunch the numbers on property taxes, energy usage, maintenance and other costs to be sure you could afford the price of living there.
- You have no desire to call that house your home? Sell it. Again, if you feel guilt about that, realize that property is now your burden to bear. If it doesn’t make sense for you to keep it, then don’t.
- Would you want to use it as a rental house? If you are up for taking on a rental property, then go for it. If it doesn’t work out, you can sell it.
- Do you want to use it as a vacation house? This is an option if you’ve calculated the cost of a mortgage, upkeep and other expenses and it’s still an affordable decision.
What are the tax ramifications of selling investments that I inherited?
About Your Richest Life
At Your Richest Life, Katie Brewer, CFP®, believes you too should have access to financial resources and coaching. For more information on the services offered, contact Katie today.