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I live in NJ and will be may be receiving a $75,000

I live in NJ...

I live in NJ and will be may be receiving a $75,000 inheritance from my uncle who also lived in NJ. What taxes would I have to pay in any?

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The executor said that all taxes were paid for out of the estate and money would be tax free. Just doesn't sound right to me.

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3/18/2018
Tax.appeal.168
Tax.appeal.168, Tax Accountant
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On the federal level, there is no inheritance tax. However, the state of NJ does impose an inheritance tax. SEE BELOW;

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New Jersey has had an Inheritance Tax since 1892 when a 5% tax was imposed on property transferred from a deceased person ("decedent") to a beneficiary. Currently, the law imposes a graduated Inheritance Tax ranging from 11% to 16% on the transfer of real and personal property with an aggregate value of $500 or more to certain beneficiaries. New Jersey first enacted an Estate Tax in 1934. Its purpose was to ensure New Jersey receives the full amount of the Credit for State Death Taxes allowed against the Federal Estate Tax.

REFERENCE SOURCE:

http://www.state.nj.us/treasury/taxation/pdf/other_forms/inheritance/o10c.pdf

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