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Richard, Attorney
Category: Estate Law
Satisfied Customers: 55723
Experience:  29 years of experience practicing law, including tax and estate planning.
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Question. My sister has passed. She willed that the house in

Customer Question

question. My sister has passed. She willed that the house in New Jersey go to me and my two sisters who live at the house for many years. I am the execatrix. the entire estate is probably between 250,000.00 and 275,000.00. with a morgtage of about $48,000.00 and a note that she owns me for helping her of about $80,000.00 I know New Jersey is the worst state for taxes and estate taxes. can you help me. You can answer me @***@******.***. I live in florida
Submitted: 1 year ago.
Category: Estate Law
Expert:  Richard replied 1 year ago.

Hi! My name is ***** ***** I will be helping you today! It will take me just a few minutes to type a response to your question. Thanks for your patience!

Expert:  Richard replied 1 year ago.

Need need not worry about estate or inheritance at the Federal level because you are under the exemption amount on the Federal level so no estate taxes or estate tax return is required at the Federal level. But, there will be a tax on the New Jersey level. Because you are inheriting from your sister, you and your sisters are considered Class C beneficiaries. As such, although the first $25,000 of property inherited by someone in Class C is not taxed. On amounts the next $1,075,000 in excess of the first $25,000, the tax rate is 11%. If you then sell the house, there will be no tax on the sale because the basis of the property gets adjusted to its fair market value at the time of your sister's death and thus if you sell it at that price, there is no gain, and thus no tax.

This is the part of my job I don't like...when the law is not in favor of my customer. I wish I could tell you there would be no tax impact, but, I can only provide you information based on the law so that you can act on the best available information to you. ………..I wish I had better news, but can only hope you recognize and understand my predicament and don't shoot the messenger. I'm sorry!

Thank you so much for allowing me to help you with your questions. I have done my best to provide information which fully addresses your question. If you have any follow up questions, please ask! If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service as Good or Excellent (hopefully Excellent). Otherwise, I receive no credit for assisting you today. I thank you in advance for taking the time to provide me a positive rating!

Customer: replied 1 year ago.
at extention 104
Expert:  Richard replied 1 year ago.

Hi. I'll be happy to discuss this with you further, but I received the following message when I tried to accept: "

payment failure"