With the death of a loved one, you can discover that you are the heir of a house and you can decide (together with the other heirs if any) to put it up for sale.
The first necessary act is to submit the DECLARATION OF SUCCESSION within 1 year of the owner's death.
This declaration is in practice a list containing all the deceased's assets and is made in order to quantify the amount of taxes to be paid on the inheritance received.
This step is important because you can only sell an inherited property after paying the taxes owed on it.
The declaration of succession can be carried out independently by the heir, using software made available by the Revenue Agency or by requesting the support of a professional. Electronic submission became mandatory from 1/1/18.
The taxes that affect the inherited house are:
SUCCESSION FEES
. 4% for spouse and children (calculated on the excess of the cadastral value of € 1,000,000)
. 6% for brothers and sisters (with a deductible, however, of 100 thousand)
. 6% for relatives up to the 4th degree, relatives in a straight line, relatives in a related line within the 3rd degree without applying any deductible
. 8% other subjects (for example cohabitants) without applying a deductible
. for disabled heirs, application of a deductible of 1,500,000 euros
INHERITANCE TAXES
CADASTRAL and MORTGAGE taxes are due as in a normal sale and are respectively equal to 2% and 1% of the cadastral value unless the heir meets the requirements to benefit from the concessions for the first home; in this case, 200 euros are applied at a fixed rate for each tax.
The transfer of the inherited property must be carried out within 30 days from the date of registration of the declaration of succession; this can also be requested at the same time as the electronic submission of the model to the Revenue Agency.
Two other deeds are also required for the sale of the inherited property:
. ACCEPTANCE OF THE INHERITANCE
. TRANSCRIPTION OF THE ACCEPTANCE OF THE INHERITANCE
Acceptance can be either express or tacit. In both cases it must be carried out within 10 years from the opening of the inheritance and in both cases it must be supported by the transcript of the same otherwise it will not be possible to proceed with the sale of the inherited property. The transcription can also be carried out in conjunction with the transfer of ownership by the notary who also requires the deed of succession and the death certificate of the person who left the property as an inheritance.
Francesco Cerolini