What should I be aware of when I want to sell a house that I inherited?

What should I be aware of when I want to sell a house that I inherited?

When, for example, your parents die, you (and possibly your siblings) inherit their house/apartment. If you decide to sell it, there are a number of things you need to take into account.

Inheritance taxes

You have to pay inheritance taxes on something you inherit. The amount of tax you have to pay depends on your relationship to the deceased and what the inheritance entails. 

In Flanders, the estate is divided into a movable and an immovable part. How much inheritance tax you have to pay is calculated separately for each part. Here you will find more information about the inheritance tax and rates related to this: https://belastingen.vlaanderen.be/erfbelasting 

Valuation

A value must be placed on the inherited property for the declaration of inheritance taxes. On the basis of that value, the tax authorities will calculate the inheritance tax. Once you have definitively inherited the property, you may choose whether to sell it or not. In order to put a value on the property that is as objective as possible, you can have the tax authorities appoint an expert. 

You must then be careful not to sell the property too quickly for a much higher price, because the tax authorities can then impose a fine and charge additional inheritance tax. 

If you want to play it completely safe, it is better to wait two years before selling. The tax authorities can only charge you additional inheritance tax up to two years after you have filed your tax return.