My Mom resided in Connecticut. 2 of us are also in CT and 2 are in VT. Not sure what other details you would need. At the time of death the home was put on the market did not sell and was taken off. We were preparing to put it on again but found a buyer within our family. Can we sell the house from the estate and it is an advantage to do that rather then put the house in our names and then sell it?
The advantage of selling it from the estate is that the estate pays any taxes and not you individually from the sale proceeds. If you wait for the house to be put in the names of the heirs, then all of the heirs need to sign on the sale and each heir would have to claim their share of the sale proceeds on their income taxes as a capital gain. If the estate sells it, then the estate pays one capital gain tax, which may be less than your personal tax and then when distribution is made to the heirs the inheritance distribution is not taxable to the heirs. The other advantage is that the estate sale can be done only by the executor/administrator and does not need all of the heirs to come and sign the sale documents.
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Thank you that is helpful. Is there any time limit regarding the closing of the estate? Would the final accounting then be completed after the house was sold?
No, there is no time limit set in the CT law to close the estate. The estate is closed once all debts are paid and all property settled and disbursed, however long that takes. Sometimes estates can remain open for several years, it all depends. The final accounting is done when all of the property is settled, which would include selling the house, yes.
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