How Much Inheritance Tax is Due in New Jersey?

Full Question:

I am selling a house that I inherited from a friend. We are having a closing without an attorney. I must pay inheritance taxes before the closing. The house is selling for 51,000.00. I do not know how much I will owe to make payment at closing. Where can I get this information?
04/26/2011   |   Category: Taxes   |   State: New Jersey   |   #24719

Answer:

Inheritance tax is a tax on the money and assets received by a beneficiary (also called a transferee or heir) from the estate of the decedent (the person who died). The estate is the grand total of everything the decedent owned and had interests in (business investments, for example) at the time of death. Beneficiaries must pay taxes on the value of whatever they inherit, though they can claim a number of exemptions to reduce these taxes. Please see the tax rate table information at the links below to determine applicability:

http://www.state.nj.us/treasury/taxation/pdf/other_forms/inheritance/itrbk.pdf
http://www.state.nj.us/treasury/taxation/pdf/other_forms/inheritance/itnrai.pdf

Please see the information at the following links:

http://www.state.nj.us/treasury/taxation/ot7.shtml
http://www.state.nj.us/treasury/taxation/revesttax.shtml
http://www.irs.gov/businesses/small/article/0,,id=98968,00.html
http://www.irs.gov/publications/p559/index.html
http://www.irs.gov/pub/irs-pdf/i706.pdf