Legal Question in Real Estate Law in New Jersey

I'm planning on selling a house in forked river, NJ (which has not been my primary residence, my father passed away and I inherited his home) and rolling the money into buying a house in Arizona (which will be my primary residence). My question has two parts, how long would I have to invest it into another house before I have to pay capital gains tax, and what penalties or fees would I suffer for transferring the money to a home in tucson, Arizona.

I hope this is not too vague of a question.

Thank you for your time!

Asked on 8/21/13, 4:56 pm

2 Answers from Attorneys

Glenn Brown Real World Law, P.C.
0 users found helpful
0 attorneys agreed

Depending on how you acquired your father's house you may not have any capital gain.

Read more
Answered on 8/21/13, 8:29 pm
Keith Singer Keith A. Singer, Attorney At Law
0 users found helpful
0 attorneys agreed

In order to answer your question properly I would need more information. I would need to determine for you the value of the property at time of acquisition and agreed upon sales price. NJ also has a fee for out of state sellers of property located in NJ. I suggest that you call for a free telephone consultation so that I can better advise you. Best regards, Keith A. Singer Attorney At Law 732-749-3700

Read more
Answered on 8/22/13, 6:57 am

Related Questions & Answers

More Real Estate and Real Property questions and answers in New Jersey

Looking for something else?

Get Free Legal Advice

88953 active attorneys ready to answer your legal questions today.

Real Estate and Real Property Legal Forms

Browse and download our attorney-prepared and up-to-date legal forms from $4.99

Find a Legal Form

Featured Attorneys

Anthony SmithLawSmithLee's Summit, MO
Rahul Manchanda, Esq.Manchanda Law Office PLLCNew York, NY
Glen AshmanAshman Law OfficeAtlanta, GA
Find An Attorney

Are you an Attorney?

Earn additional revenue and grow your business. Join LawGuru Now