@Anonymous_ wrote:
@mjmj2727 wrote:
is there an inheritance tax in New york?
New York has an estate tax but not an inheritance tax.
New Jersey, however, does have an inheritance tax.
See https://www.state.nj.us/treasury/taxation/inheritance-estate/filingrequirements-inheritance.shtml
[note that New Jersey's estate tax has been phased out but still applies to decedents who died on or after January 1, 2017, but before January 1, 2018]
In NY, an estate tax is due if the estate is worth more than $5.9 million. Also note, if an estate tax return was due to NY, it was due the year your mother died, not the year you sell the home.
NJ imposes both an inheritance tax (on the transfer of assets) and an estate tax (on the value of the estate), but only on the estates of New Jersey residents. If the decedent is not a resident of New Jersey, then NJ does not impose tax, even if the heirs are NJ residents.
However, if your mom was a resident of New Jersey who happened to own property out of state, then you would be subject to both the transfer tax and the estate tax, because even though the estate tax was phased out in 2018, it sounds like your mother died in 2017(?). And again, the transfer tax and estate tax, if owed, were due the year she died.
