02 Mar Do I owe N.J. taxes on Florida inheritance?
[section background_repeat=”repeat” background_position=”center top” background_attachment=”static” background_scroll=”none”]Photo: morguefile.com
Q. My father’s brother died in March 2016. He lived in Florida and left his house to his brother and sister, but they died first so it was passed to their five children. It was sold in December 2017 and the proceeds went to the five nephews. As New Jersey residents, do we need to pay an inheritance tax?
A. We’re sorry to hear about the loss of your older relatives.
This case is relatively easy.
Because your uncle lived in Florida and the real estate was in Florida, you’re in luck.
“The residency of the beneficiaries has no bearing on the payment of inheritance tax,” said David Ritter, chair of the tax practice at Brach Eichler in Roseland. “Florida has no inheritance tax and there is no inheritance tax in this situation.”
So while we’re sure New Jersey would love to get a piece of the proceeds, in this case, it’s hands off.
Email your questions to moc.p1553589333leHye1553589333noMJN1553589333@ksA1553589333.
[/divider]NJMoneyHelp.com presents certain general financial planning principles and advice, but should never be viewed as a substitute for obtaining advice from a personal professional advisor who understands your unique individual circumstances.