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This Branch administers all phases of New Jersey Inheritance and Estate Taxes: Processes Inheritance and Estate Tax Returns; Processes checks; Audits Inheritance and Estate Tax returns; Conducts protests, appeals, and administrative reviews; Develops tax forms, instructional materials, notices and publications;
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 Tax/ Estate Tax IT-Estate Tax Calculator - 2017 Estate Tax Calculator to compute the New Jersey Estate Tax for estates with dates of death in 2017 ONLY.
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.
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.
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.