Legal Question in Wills and Trusts in New Jersey

Presuming the house was part of parent's estate covered by the Will, its basis for sale purposes will be the fair market value at her parent's date of death, not what the parent originally paid. If sold at the same price, no gain or loss will be incurred and no income tax will be due. If the receipts were used to purchase stock, no tax is paid unless stock is later sold for a profit. Missing from the question is whether the parent's estate is large enough to incur an inheritance tax. If the parent's estate, net of expenses and costs, exceeds a value of $675,000 there may be some inheritance taxes due. More information is needed for a better than general answer. This is a reply to an Internet question and the reply is for informational purposes only and is not intended to create a layer-client relationship or be considered legal advice. If different or missing facts exist, this reply might be different.