What is the name of your state (only U.S. law)? NJ
Not sure if this belongs here or not.
Father died in 2011 and left his house to my sister JTWROS. She filed and L-9 claiming his estate was considerably less than it was to avoid taxes. Most f what he had he had jointly with one of his children.
was named Executor for the purpose of a few stocks that needed to be transferred.
The property is now being sold for a lot more than my sister claimed. That will bring the value of the estate over the $675,000.00 threshold.
My question is, is there a penalty for not claiming the correct value on the property or will she just have to pay taxes as if it were income?
Thanks so much
Steff
Not sure if this belongs here or not.
Father died in 2011 and left his house to my sister JTWROS. She filed and L-9 claiming his estate was considerably less than it was to avoid taxes. Most f what he had he had jointly with one of his children.
was named Executor for the purpose of a few stocks that needed to be transferred.
The property is now being sold for a lot more than my sister claimed. That will bring the value of the estate over the $675,000.00 threshold.
My question is, is there a penalty for not claiming the correct value on the property or will she just have to pay taxes as if it were income?
Thanks so much
Steff