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!
2 Answers from Attorneys
Depending on how you acquired your father's house you may not have any capital gain.
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
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