Selling property from trust NJ

[Rfreeadvice]

What is the name of your state?What is the name of your state? NJ

A while back I had inherited real estate property from my deceased grandparents. At the time I placed the property into a revocable trust for the benefit of my uncle who was disabled from mental illness who needed a place to live. I now dissolved the property from the trust to sell it, and I am buying an apartment for him to live in, but I am not setting up a trust for that.
Am I still elligible for tax exclusion, or what are my responsibilities as far as taxes go, state and federal. Thanks in advance!

 

[LdiJ]

What is the name of your state?What is the name of your state? NJ

A while back I had inherited real estate property from my deceased grandparents. At the time I placed the property into a revocable trust for the benefit of my uncle who was disabled from mental illness who needed a place to live. I now dissolved the property from the trust to sell it, and I am buying an apartment for him to live in, but I am not setting up a trust for that.
Am I still elligible for tax exclusion, or what are my responsibilities as far as taxes go, state and federal. Thanks in advance!

If the house was not your principal residence for 2 of the last 5 years then you will be subject to capital gains tax. The gain would be the difference between the fair market value when you inherited the property, and the sales price less selling costs.