New Jersey  |  Real Estate Law

Legal Question

Asked on: 11/04/13, 8:33 am

My sisters and I recently sold my deceased mother's home. She had a life estate deed, so when she died the property automatically was transferred into her children's names. None of us can claim the property as our primary residence. Are we required to pay capitol gains on our proceeds (minus expenses to sell the house)from the sale of the house? Thank you in advance for your answer.

E. King

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