Have a Tax Question? Ask a Tax Expert
Hi, my name is Mark. I would be happy to help you with your questions.
First of all, I am sorry for your loss.
I am a little confused with your question. The lot was left to your neighbor and they are saying they cannot afford the inheritance tax?
What state is involved?
Do you know the value of the land?
That is fine. That works for me as well. Do you know what the land was valued at?
So the inheritance tax is $3200 - $4,800 at the high end?
The estate is not required to repurchase the land.
It is unfortunate that NJ has steep estate and inheritance taxes. It was father's intent to do something nice for his neighbors. You could offer to buy back the land? Would the land be of any value to you? You could offer to pay the inheritance tax?
You would only be responsible on sales tax for sale within your state.