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New Jersey has had an Inheritance Tax since 1892, when a tax was imposed on property transferred from a deceased person to a beneficiary. Inheritance Tax is based on who specifically will receive or has received a decedent’s assets, and how much each beneficiary is entitled to receive.
The executor, administrator, or heir at law of the estate must file a New Jersey Estate Tax return (Form IT-Estate) if the deceased person’s gross estate, plus adjusted taxable gifts, exceeds $675,000 as determined by the provisions of the Internal Revenue Code in effect on December 31, 2001.
Inheritance and Estate Tax Forms. Resident Decedent - Affidavit Requesting Real Property Tax Waiver for deaths on or after January 1, 2018. Resident Decedent - Affidavit Requesting Real Property Tax Waiver for deaths before January 1, 2018.
The New Jersey estate tax was phased out in 2018. Large estates are still subject to a federal estate tax. Here's what you need to know.
New Jersey imposes inheritance taxes on decedent estates at the time of death. Depending on the person’s relationship to the decedent, the amount of taxes owed will vary. This article explains in depth how the inheritance tax may affect you when you inherit from a loved one who dies.
Under the New Jersey Inheritance Tax, the tax system separates beneficiaries into one of four distinct “classes”: Class A, Class C, Class D and Class E. (Class B was eliminated in 1963). The class that a beneficiary falls into determines whether there is New Jersey Inheritance Tax owed.
One of the primary forms that must be completed is the New Jersey Inheritance Tax Return (Form IT-R). This form is specifically designed for reporting assets acquired through an estate and provides a detailed breakdown of the inherited property.