My question involves real estate located in the State of: New Jersey
Father, prior to death, transferred title in Mar07 to children as tenants in common with equal division of interest. Property transterred for $1 and right of father to live in the small single family home until death. No mtgs or leins. Deed executed without knowledge or consent of some children and without others.
Father died in Jan09 and one of children is executor. No written or verbal agreement existed or exists between tenants in common. Home is and will likely remain unoccupied by any of children involved.
What are tax obligations (how much and when) of all co-owners RE:
1. Gift tax?
2. Capital gains tax?
I am thinking gift tax liability when deed was transferred, and no capital gains liability (if any) until each co-owner disposes of their interest in the property.
What would be the basis value for capital gains? Property value was never determined during this entire period.![]()

