Form It-Nr - Inheritance Tax Return Non-Resident Decedent - New Jersey Division Of Taxation Page 33
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41EXAMPLE 1 – USED FOR METHODS 1, 2 AND 3
The decedent died a resident of Pennsylvania owning real estate in Ocean City, New Jersey with a date of
death fair market value of $100,000.00 and an assessed value of $85,000.00. The decedent also owned a
boat, which was kept in New Jersey that had a value of $10,000.00.
Other assets consisted of real estate in Pennsylvania with a value of $200,000.00,
stock valued at $160,000.00, two bank accounts, one in Pennsylvania with a date of death balance of
$10,000.00 and one in New Jersey with a balance of $20,000.00. The total gross value of the estate
everywhere is $500,000.00.
The expenses of this estate are: attorney’s fees $3,000.00, executor’s commissions $2,000.00,
administration expenses $1,300.00, funeral expenses $6,000.00, credit card debt $8,000.00, telephone and
electric bills owed at death $230.00. Total expenses $20,530.00.
Gross Estate Everywhere
$500,000.00
Total Expenses Everywhere
20,530.00
Net Estate Everywhere
$479,470.00
Beneficiaries – The decedent’s niece is the only beneficiary.
EXAMPLE 2 – USED FOR METHOD 4 OR OPTIONAL METHOD 1
The decedent died a resident of Florida owning real estate in Florida worth $210,000.00 and bank
accounts with date of death balances totaling $105,000.00. Debts and administration expenses amounted
to $26,000.00.
The decedent also owned real estate, located in Cape May, New Jersey with a nephew as Joint Tenants
with the Right of Survivorship. The fair market value as of the decedent’s date of death was $160,000.00
and the assessed value was $132,000.00.
The New Jersey real estate was purchased in 1993. The decedent paid the full purchase price, the nephew
did not make any contributions towards purchasing the real estate. Therefore, the full $160,000.00 value
of the property will be used in the Inheritance Tax Return and on the tax computation worksheet.
As required by New Jersey Statute the full value of the New Jersey real estate must be used unless the
surviving joint tenant can prove to the satisfaction of the Director, Division of Taxation, State of New
Jersey that they contributed toward the purchase price.
The beneficiary of an asset owned as Joint Tenants with the Right of Survivorship is the surviving joint
tenant. In this particular matter the joint tenant is the decedent’s nephew, a Class “D” beneficiary.
Since the real estate was owned as Joint Tenants with the Right of Survivorship the estate is required to
use method 4 to compute the tax unless the optional method 1 is chosen.
Methods 1 and 4 use only the value of the New Jersey taxable assets in the tax computation. No other
assets are required to be reported or debts of the estate allowed to be claimed.
Page 14
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