Legal Question in Wills and Trusts in New Jersey

Hi,
As administrator of my mom's estate with 3 sons as the only beneficiaries i am almost done handling the estate. I am curious regarding the proceeds from selling the house, mainly the capital gains. The house sold for $300,000.00 while the fair market value at the time of her passing was $200,000.00. My accountant says the $100,000.00 capital gains gets transferred to our personal tax returns & is taxed that way. I was under the impression the estate files a return that includes the capital gains on that return. I checked the IRS website but was unable to get a clear answer. I know it's more of an accountant question but was hoping someone might be familiar with estates & capital gains and how they are normally handled. Thanks in advance.

Asked on 12/21/09, 8:12 pm

Locksley Wade Law Office of Locksley O. Wade

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You are on the right track. Get a new accountant or a CPA that is knowledgeable about filing a tax return for an estate.

Answered on 12/26/09, 10:42 pm

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