Inherited a home in Florida

There's no rush and no need to clear it out first. Here's the order things usually go in.

• The person who can sell is usually the personal representative named in probate, or the trustee if the home was in a trust. An estate attorney can tell you which applies.
• Florida homestead property has special rules about who inherits it, so check before you sign anything.
• For federal tax, an inherited home generally takes its value on the date of death as its starting point, so selling soon after often means little or no gain. Your tax preparer can confirm.
• The homestead exemption ends with the owner, so next year's taxes may go up. Keep insurance and utilities on; many policies limit coverage on an empty home.

See what the home is worthTalk it through with your broker

Sources: Florida Constitution Art. X §4 (homestead inheritance); Florida Statutes ch. 733 (probate); IRS Publication 551 (basis of inherited property). Programs and rules change; check what's current. This is general information, not legal or tax advice.