By Karin Price Mueller | NJMoneyHelp.com for NJ.com Q. Forget taxes for a moment. If I sell a home for $1 million but I have a mortgage of $999,999, will I be charged a fee? — Selling soon A. There are several costs to consider when you sell a home. It seems you’re talking about the Realty Transfer Fee. It’s a fee that’s charged by the state when you record a change on a deed, said Bernie Kiely, a certified financial planner and certified public accountant with Kiely Capital

By Karin Price Mueller | NJMoneyHelp.com for NJ.com Q. My mother purchased her house in Jersey City for $100,000 and it’s now worth $450,000 but it needs $100,000 of work. I am trying to decide if I should purchase the home from her for $350,000 or if I should wait to inherit the house. It has a $100,000 mortgage. — Buy vs. inherit A. There are several items to consider here. First, there are two income tax benefits to home ownership. Real estate taxes are deductible as an it

By Karin Price Mueller | NJMoneyHelp.com for NJ.com Q. Can I open a Roth IRA for my 12-year-old son? He will get a Social Security check until he is 18. He doesn’t work so he doesn’t have a W-2 but only a 1099-SSA. I want to save money for his college. — Dad A. It’s great that you want to save money for college. A Roth IRA isn’t an option for him at this time. One of the requirements to contribute to an IRA is that you must have earned income, said Bernie Kiely, a certified f