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With more than 13,000 families living in Lakewood, New Jersey the chances of someone you love passing eventually is high. When someone passes away, they often leave their property to their family. When you inherit something from a loved one, it can be hard to know how or if you need to file taxes on the property. A tax relief professional can help.

Receiving an Inheritance Doesn’t Mean You Have to Pay Taxes

A tax professional knows the laws regarding inheritance. Many people assume that when they inherit something, they have to pay taxes off of it. This isn’t always the case. You can inherit cash, for instance, and not have to pay taxes on it. You don’t have to pay taxes until you may money off of the things that you inherited.

Pay as Little as Possible on the Inherited Property

If you do have to pay taxes on the inheritance, the tax professional in Lakewood, NJ can help you pay as little as possible. Many times, the value of the property is determined based on the day that the person passes away. There are times when an alternate valuation date can be used to allow you to pay less taxes. The professional can help you determine if an alternate valuation date can be used and would be worthwhile for you.

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