Legal Question in Wills and Trusts in New York

hi in 2007 my brother passed away and left no will his entire estate is made up of 2 houses in new york were he lived and as do we. now a few months after he passed we got the houses appraised and they were appraised for $550,000 in 2007 now we recently went into contract for one house for 600,000 and the other house we are keeping worth 700,000 for a total of 1.3million. now are there any capital gains taxes if so do they base it on the 2007 appraisel? My second question is are there any estate taxes due ? and does the entire probate have to be closed before monies for the sale of the one house be distrubute?My brothers estate will be settle before the end of 2010 .. thank you for any answers you may be able to provide


Asked on 4/25/10, 8:16 pm

1 Answer from Attorneys
Arnold Nager Arnold H. Nager, Esquire

Any gains taxes due will be based upon the difference between the value at date of death and sales price. There is an exemption for property which has been your principal residence for at least two of the past five years.

As far as estate taxes are concerned, that depend upon the value of the total estate.

In examining this response, please note that we are not entering into an attorney/client relationship, that this is to be taken as informative, and not as legal advice, that it is always best to speak to a lawyer in your area and/or in the area where the transaction and/or events occurred, and that my answer is necessarily limited by the fact that I have not seen the documentation or had an opportunity to go over the matters with you in detail.

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Answered on 5/01/10, 12:41 pm


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