skiphaynes
Junior Member
What is the name of your state? New Jersey
My wifes step father died and in his will he left her the house, van and a large screen TV with a futher stipualation for the reminder of the estate to be split 50 percent to his children (3) in California and 50 percent to the step children (7) in New Jersey. However my wife the executor went to find out about the IRA and discover herself to be the sole beneficiary. So taking IRA out of the estate leaves things as follows.
Bank acounts and stocks and bonds only equal enough to pay for the funeral and a 21,000 dollar home equity loan left unpaid. My wife in spite of the fact that she would own the home is considering selling the house and giving money to the siblings. Will we have any tax libility on the sale of the house?
My wifes step father died and in his will he left her the house, van and a large screen TV with a futher stipualation for the reminder of the estate to be split 50 percent to his children (3) in California and 50 percent to the step children (7) in New Jersey. However my wife the executor went to find out about the IRA and discover herself to be the sole beneficiary. So taking IRA out of the estate leaves things as follows.
Bank acounts and stocks and bonds only equal enough to pay for the funeral and a 21,000 dollar home equity loan left unpaid. My wife in spite of the fact that she would own the home is considering selling the house and giving money to the siblings. Will we have any tax libility on the sale of the house?