@HV2019TAXES Your personal information has been removed from this public message board to protect your privacy. You are correct: you pay taxes on the amount of gain on the sale. If your sale was after inheriting the property, then your taxable gain will be less than if you sold the property before inheriting it. (For instance, if he transferred the property before his death). It is taxable to the US as capital gains tax, and is taxable to your home state of New Jersey because your resident state may tax all of your income.
We are sorry for your loss.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
