Inheritance in NY/NJ - Tilted Forum Project Discussion Community

macmanmike6100 · 06-11-2006, 09:35 PM

I did a search and only one Tilted Philosophy thread came up, so here goes:

Received a tiny inheritance ($5K) that, hopefully, goes untaxed (ha!). The funds are in a trust that I can access, but I want to know what taxes I will owe.

I'm a NY resident, although the deceased was a NJ resident. NY has no inheritance tax, but NJ does. How does this work?

Any insights/links would be great...thanks! (( I'd like to have some info regarding this before I go to my accountant about it, of course. ))

maleficent · 06-12-2006, 02:20 AM

http://www.state.nj.us/treasury/taxa...nce/itnrai.pdf

If you go down to page 23 - the first 10K or so are exempt...

macmanmike6100 · 06-12-2006, 07:45 AM

Excellent! Thanks ;-)

06-11-2006, 09:35 PM	#1 (permalink)
macmanmike6100 High Honorary Junkie Location: Tri-state.	Inheritance in NY/NJ I did a search and only one Tilted Philosophy thread came up, so here goes: Received a tiny inheritance ($5K) that, hopefully, goes untaxed (ha!). The funds are in a trust that I can access, but I want to know what taxes I will owe. I'm a NY resident, although the deceased was a NJ resident. NY has no inheritance tax, but NJ does. How does this work? Any insights/links would be great...thanks! (( I'd like to have some info regarding this before I go to my accountant about it, of course. )) Last edited by macmanmike6100; 06-12-2006 at 01:02 AM..

06-12-2006, 02:20 AM	#2 (permalink)
maleficent Junkie Moderator Emeritus Location: Chicago	http://www.state.nj.us/treasury/taxa...nce/itnrai.pdf If you go down to page 23 - the first 10K or so are exempt... __________________ Free your heart from hatred. Free your mind from worries. Live simply. Give more. Expect less.

06-12-2006, 07:45 AM	#3 (permalink)
macmanmike6100 High Honorary Junkie Location: Tri-state.	Excellent! Thanks ;-)