Legal Question in Real Estate Law in New Jersey

I inherited a home in New Jersey I plan on selling. If I do not immediately roll the money I get from selling the home into another home does it count as taxable income? Also it is still under my fathers name, it was worth $270k at the time of his death, and is now worth around $240k, is it worth it to put it in my name before I sell it, or should I sell it under my fathers estate instead


Asked on 4/06/12, 5:20 pm

1 Answer from Attorneys
Michael Duffy Duffy Law, LLC

Hi there,

It would be taxed under the estate tax laws once you either received the funds or the title to the property. You would only be taxed when selling it for any appreciation in value compared to the value when it was put in your name.

If you would like to discuss your matter further over a free and confidential phone consult, please contact me at your convenience.

Regards,

Michael J. Duffy

Duffy Law, LLC

1-888-414-5773

www.mduffylaw.com

[email protected]

Please note: The information provided here is for general informational purposes only and should not be construed as legal advice or legal opinion on specific facts or circumstances.

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Answered on 4/06/12, 5:27 pm


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