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NJ tax basis in inherited ira on which inheritance tax was paid
My taxpayer inherited an IRA from a friend and paid nj inheritance tax on the value of the IRA at the date of the decedent’s death. Is her basis in that IRA stepped up to a date of death value for NJ income tax purposes on RMDs due to payment of NJ inheritance tax on that date of death value? How is this adjustment made in Turbo Tax for the taxpayer’s NJ income tax return?
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January 27, 2025
11:02 AM