Q: Several years ago, my brother inherited a condo in New Jersey that a close friend had left to him in her will.
Her estate went through probate and the executor confirmed transfer of the condo to my brother. There was no mortgage, but he has paid the HOA dues and property taxes each month since her death. He has not paid inheritance tax or requested a tax waiver from the county in which the property is located because he cannot afford to pay the $45,000 estimated tax. He is retired himself and on a fixed income, so I am trying to help him sort through what needs to be done so he can sell the condo. Any advice would be much appreciated.
A: More information is needed to determine what to do, but he needs both a good lawyer and good accountant.
A: inheritance tax is a lien on property. The New Jersey Estate Tax is due on the decedent's date of death and must be paid within nine (9) months in all cases. Any tax not paid within nine (9) months generally bears interest at the rate of ten percent (10%) per annum from the expiration of nine months until paid.
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