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I am completing a 2016 estate tax return. The net estate is just less than 675,000 for NJ purposes however there is 800,000 of non NJ real estate. My calculations are creating a tax to NJ however my understanding is that the out of state property is fully untaxable in NJ. The state forms are making me calculate tax on the federal gross and then back out only the tax on the out of state portion. That seems wrong. Can you help?
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You need to ask this question of an accountant. Although many estate lawyers do Inheritance Tax Returns, your question is one that is better addressed by an accountant.
Answered on Nov 08th, 2017 at 6:28 AM
Diana L. Anderson, Certified Elder Law Attorney This response is not legal advice and does not establish any form of attorney/client relationship