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inheritance tax

An inheritance tax is a tax imposed on a person who inherits property from a deceased person. There is no federal inheritance tax, but some states have an inheritance tax.

In New Jersey, inheritance tax is imposed on certain beneficiaries who inherit property from a deceased person. The tax rate varies depending on the relationship of the beneficiary to the decedent. Class A beneficiaries, which include spouses, civil union partners, domestic partners, parents, grandparents, and descendants, are exempt from the inheritance tax. Class C beneficiaries, which include siblings and the spouse or widow(er) of a child of the decedent, are taxed at rates ranging from 11% to 16% after a $25,000 exemption. Class D beneficiaries, which include all other transferees except Class E, are taxed at 15% on the first $700,000 and 16% on amounts over $700,000. Class E beneficiaries, which include charitable organizations, educational and religious institutions, and the State of New Jersey or any of its political subdivisions, are exempt from the tax. There is no inheritance tax imposed on transfers to Class A and Class E beneficiaries. It's important to note that New Jersey does not have an estate tax as of January 1, 2018.

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Taxes

inheritance tax

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Taxes

inheritance tax

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