Q: can I close on my moms home without a tax waiver. estate was left to her 3 children plus 28,500 goes to a class D
The 28,500 is for a person that purchased a co-op then moved out and left the house(co-op) to my mom. Years later asked for her deposit back. My mom changed her will to leave her the money. 2 questions. Can we close without a Tax Waiver and how much effort do we need to put into finding the beneficiary?
A:
The short answer is that the tax waiver will be required. Based on the fact that $28,500 is passing to a class D beneficiary, you cannot file an NJ Form L-9 – Affidavit for Real Property Tax Waiver. Instead, you must file an inheritance tax return and upon its completion, you will receive a tax waiver.
You must take reasonable measures to find the beneficiary. It is difficult to measure exactly what you should do without knowing what steps you have taken to find the beneficiary. However, with the growth of most social media platforms, you should be able to locate the beneficiary or one of her relatives. You could also engage the services of a company such as Guaranteed Subpoenas to run a skip trace to find the beneficiary.
You may want to contact a probate attorney for more guidance or for assistance on completing the inheritance tax return. Probate or estate attorneys are well versed in estate administration matters and would be more than capable to assist you in wrapping up your mother's estate.
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