Legal Question in Tax Law in New Jersey
in the state of nj, would a wife have to pay inheritance tax on an investment property that was only in the name of her husband (when he dies)?
Asked on 7/23/15, 7:23 pm
2 Answers from Attorneys
Ronald Cappuccio
Ronald J. Cappuccio, J.D., LL.M.(Tax)
No, The NJ Inheritance tax does not apply between husband and wife or lineal descendants. The wife would also get a marital deduction for Estate and Federal Estate tax purposes. You should discuss this with a tax and estate attorney to deal with these issues.
I hope this helps!
Ron Cappuccio
Answered on 7/23/15, 7:38 pm
Walter LeVine
Walter D. LeVine, Esq.
I agree in part and disagree in part. Outright transfers to a surviving spouse are not taxable. To other Class "A" heirs, (children, grandchildren, parents), the exclusion is $675,000, and any excess is subject to tax.
Answered on 7/24/15, 7:59 am
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