The short answer to the questions is yes. However, as an experienced New York estate lawyer at Stephen Bilkis & Associates will explain, the process can be complicated. Yes, a jointly owned property can be sold by one owner. The easiest way is for the parties involved to negotiate a resolution to the dispute.

When you sell inherited property, the taxation primarily revolves around capital gains tax. Here’s how it works:

1. Determining the Basis:
   • The basis of the inherited property is typically the fair market value (FMV) at the time of the decedent’s death. This means that if you sell the property, you will only be taxed on the profit made above this value.
2. Capital Gains Tax:
   • If you sell the inherited property, you are subject to capital gains tax, but only on the difference between the sale price and the FMV at the date of death. For example, if the property was valued at $300,000 at the time of death and you sell it for $350,000, you would only pay capital gains tax on the $50,000 profit.
3. Tax Rates:
   • The capital gains tax rate for inherited property is considered long-term, regardless of how long you actually held the property. This means the tax rate could be 0%, 15%, or 20%, depending on your overall income.
4. Immediate Sale:
   • If you sell the inherited property immediately for its fair market value, you can avoid capital gains taxes altogether, as there would be no profit to tax.
5. Other Considerations:
   • While the federal government does not tax the inheritance itself, some states may impose inheritance taxes or other related taxes, which should also be considered.

Yes, heir property can be sold, but there are specific considerations and processes involved:

1. Probate Process:
   • Before any sale can occur, the property must go through the probate process to officially transfer ownership from the deceased to the heirs. This ensures that the title is clear and legally recognized.
2. Agreement Among Heirs:
   • If multiple heirs are involved, they generally need to reach an agreement to sell the property. This can sometimes be complicated, especially if there are differing opinions on whether to sell or retain the property.
3. Executor’s Role:
   • If there is a will, the executor has the authority to manage the sale of the property. However, their authority may be limited by the terms of the will, and they must act in the best interest of the estate.
4. Clear Title:
   • It’s crucial to ensure that the property has a clear title before selling. This means there should be no liens, disputes, or encumbrances that could complicate the sale.
5. Selling Process:
   • The process of selling inherited property is similar to selling any other property. This includes preparing the property for sale, listing it, and negotiating with potential buyers.

Finding out the sale price of a property can be done through several methods:

1. Online Real Estate Platforms:
   • Websites like Zillow, Redfin, or Realtor.com often provide information on recently sold properties, including sale prices. You can search by location and filter for sold listings to see the sale prices of homes in a specific area.
2. County Assessor’s Office:
   • Most counties maintain public records of property transactions. You can visit the local county assessor’s office or their website to access property records, which typically include sale prices and transaction dates.
3. Real Estate Agents:
   • Local real estate agents have access to the Multiple Listing Service (MLS), which contains detailed information about property sales, including prices. They can provide you with recent sales data and comparable properties.
4. Public Records Search:
   • Many states have online databases where you can search for property sales by entering the property address. This can provide you with the sale price and other relevant details.
5. Local Newspapers and Real Estate Publications:
   • Sometimes, local newspapers or real estate magazines publish information about recent property sales, including prices.