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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 586
Experience:  10 years experience
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Our father left a unbuildable lot to s neighbor who says

Customer Question

Our father left a unbuildable lot to his neighbor who says they are unable to pay the inheritance tax is the estate required to buy it from them?
Submitted: 1 year ago.
Category: Tax
Expert:  Mark Taylor replied 1 year ago.

Hi, my name is Mark. I would be happy to help you with your questions.

Expert:  Mark Taylor replied 1 year ago.

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?

Expert:  Mark Taylor replied 1 year ago.

What state is involved?

Customer: replied 1 year ago.
New Jersey, Passaic County
Expert:  Mark Taylor replied 1 year ago.

Do you know the value of the land?

Customer: replied 1 year ago.
No online works for me
Expert:  Mark Taylor replied 1 year ago.

That is fine. That works for me as well. Do you know what the land was valued at?

Customer: replied 1 year ago.
I believe the land is valued at $20 or $30K but only increases the home value (the lot is next to the estate) by $10K
Expert:  Mark Taylor replied 1 year ago.

So the inheritance tax is $3200 - $4,800 at the high end?

Expert:  Mark Taylor replied 1 year ago.

The estate is not required to repurchase the land.

Expert:  Mark Taylor replied 1 year ago.

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?

Expert:  Mark Taylor replied 1 year ago.

You would only be responsible on sales tax for sale within your state.