QUESTION
my fiance and I own a home for about 20 yrs which was deeded as : JTWROS. He passed away in November. I thought the house automatically went to me
Asked on Mar 27th, 2014 on Real Estate - New Jersey
More details to this question:
and would not be included in estate and inheritance tax would not be paid? They also want to have the house appraised etc.
1 ANSWER
William Mack
A property that is in joint names with right of survivorship is not considered to be in the decedent's estate governed by a will, since it passes by operation of law to the surviving tenant. However, it IS within the taxable estate of the decedent, for both federal and state tax, unless some exemption would apply.
Answered on Apr 14th, 2014 at 3:22 PM