Legal Question in Real Estate Law in New Jersey
We are selling a house received in Qprt. Is the valueof the house when the house was first placed in trust or when it is transferred to you after waiting time period?
Asked on 7/12/10, 7:19 pm
1 Answer from Attorneys
Jonathan Chester
The Law Office of Jonathan S. Chester, Esq., LLC
The transfer to the QPRT was a gift. For tax purposes, the Donee [you] recieves the property at the Donor's tax basis. Therefore, your tax basis is whatever the Donor's basis was.
You would compute your gain based on the net sales price, less the Donor's basis [i.e. what he/she paid for the house plus any additions to basis, such as improvements, additions to the house, etc.]
Answered on 7/19/10, 6:10 am
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