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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15580
Experience:  15years with H & R Block. Divisional leader, Instructor
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What is the amount of taxes that you pay in NJ

Customer Question

What is the amount of taxes that you pay in NJ for an inheritance of 10.2 million?
Submitted: 2 years ago.
Category: Tax
Expert:  Robin D. replied 2 years ago.
Hello,NJ inheritance tax is based on your relationship to the deceased and then the rate applies based on the dollar amount.Class A beneficiaries, which include spouses, civil union partners, domestic partners, parents, grandparents, and descendants (including those legally adopted), are also exempt from the New Jersey inheritance tax.Class C beneficiaries (brother or sister of decedent; husband, wife, or widow(er) of a child of decedent; civil union partner or surviving civil union partner of a child of decedent) are taxed at 11%–16%, with the first $25,000 exempt. Class D beneficiaries (not otherwise classified) are taxed at 15%–16%, with no tax on transfers having an aggregate value of less than $500.
Expert:  Robin D. replied 2 years ago.
I hope the information was useful. Please advise if you need clarification before you rate.