Legal Question in Wills and Trusts in New Jersey
Reduce Inheritance Tax
After decedent's death & before filing an estate return in New Jersey, what deductions can be made to an estate, to reduce estate tax in New Jersey? Funeral costs, casket, probate, lawyers & appraisers fees, can these all be deducted, what else? What cannot be deducted?
2 Answers from Attorneys
Re: Reduce Inheritance Tax
You did not say when the person passed away. If recently, there might be mortgage payments and mortgage balances, real estate tax bills, homeowners insurance, income taxes, etc. There might also be utility, telephone, cable TV and regular bills that remain unpaid. If not a homeowner, there may be outstanding rent obligations to terminate the lease. A good estate attorney can help you and properly assist in the preparation of all returns that need to be filed. If you need help, contact me directly.
Re: Reduce Inheritance Tax
every expense you mentioned is deductible. I suggest you refer to the list of acceptable deductions that is provided on the website--nj.go for others
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