Taxes

North Carolina has no inheritance tax and no state estate tax, and the step-up basis resets your cost basis to the home’s fair market value at the date of death, which means most heirs owe far less in capital gains than they expect. Before you can sell, the estate typically needs to go through NC probate, which takes 9 to 18 months in Wake County. Multiple heirs must all agree to sell, or any one of them can file a partition action in court. NC requires a licensed attorney to close all real estate transactions, and you’ll need to complete the NC Residential Property and Owner’s Association Disclosure Statement even for a home you never lived in.