Q. My father died in New Jersey and was a resident there and I live in Pennsylvania. What Inheritance tax do I have to pay?
A. Inheritance tax returns are due depending on where the decedent was domiciled (lived). Some states do not have an inheritance tax. New Jersey and Pennsylvania both do but because your father was a resident of New Jersey and the inheritance tax to children is zero; there will be no inheritance tax due for anything that you inherit.
FIRS Circular 230 Disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication, including any attachments, is not intended or written to be used, and cannot be used, for the purpose of 1. avoiding penalties under the Internal Revenue Code or 2. promoting, marketing, or recommending to another party any transaction or matter addressed herein.
Securities offered through Valley National Investments, Inc. - an independent broker/dealer and member FINRA and SIPC.
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