Legal Question in Wills and Trusts in New Jersey

If the home I inherited from my father is now worth $40k-50k less then at the time of his death, (it's worth around $250k now) is it better to sell it under his name or take the time and money to put it into my own name first?


Asked on 4/26/12, 9:07 am

1 Answer from Attorneys
Walter LeVine Walter D. LeVine, Esq.

If this house is not your principal home, it would be better to re-register the Deed to you and sell it personally, so you could possibly claim a loss on the sale. If it is your principal home, it is irrelvant who the Seller is, as a loss on the sale of your principal home is not tax deductible. You became the owner simultanously with Dad demise, so the house is yours from that date even if the Deed is still in Dad's name. This is a response to an Internet question and the reply is not intended to be legal advice or as creating an attorney-client relationship. Differing facts could change the response.

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Answered on 4/28/12, 9:10 am


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