Inheriting a house in Illinois can bring a wave of emotions—grief, confusion, and sometimes, uncertainty. While it can be a generous gift, it also comes with responsibilities that many people are not prepared for. If you’ve recently inherited a home and are unsure about your next steps, this guide will help you understand the process and your options.
Understand the Legal Process
Before anything else, determine if the property must go through probate. In Illinois, probate is often required unless the estate was held in a trust or meets the criteria for a small estate affidavit (under $100,000 in assets). If probate is needed, expect the process to take several months.
You’ll also need to confirm who has legal authority to sell the house. If multiple heirs are involved, all parties must agree to the sale unless one person is given power of attorney or designated as the executor.
Evaluate the Property
Next, assess the condition of the home. Older homes may have deferred maintenance, outdated systems, or code violations. You may need a home inspection to get a clear picture. If you’re not interested in making repairs, you still have options to sell the home as-is.
Understand the Tax Implications
Fortunately, Illinois does not impose an inheritance tax on estates valued under $4 million. However, selling the home may have capital gains tax implications. The good news? Inherited properties get a “step-up” in basis, which means you likely won’t owe much if you sell soon after inheriting.
Decide How to Sell
You can list the property with a real estate agent, which might take weeks or months, especially if the house needs work. Alternatively, companies like Modern Times Homes LLC buy homes as-is for cash, offering a faster and simpler way to close, without the need for repairs or cleanouts.
Final Thoughts
Selling an inherited house in Illinois doesn’t have to be overwhelming. Knowing your legal responsibilities, understanding your tax exposure, and choosing the right selling path will help you move forward with confidence. If you’re looking for a fast, respectful sale, our team at Modern Times Homes LLC is here to help.