View Single Post
      09-04-2007, 06:27 PM   #8
evilly amused
wrickem's Avatar

Drives: what he wants to
Join Date: Mar 2006
Location: lambertville nj

iTrader: (0)

Originally Posted by gongtowjai View Post
I presume you are classified in the Class "D" section. So for the first 700k, its tax at 15%. From what I read, you need to find out the value of the M6 at the time of his death. You will be paying 15% of the value. This must be paid within 8 months after death. I'm not a lawyer, but I guess you'll wait for the answer.
I am laughing my butt off here, I like to think of myself more in the class "C" section though. I understand the 15% inheritance tax, what I didn't understand (and couldn't find the answer to) was if I ALSO have to pay NJ sales tax based on the value of the car when I flip it into my name, or if it becomes a "gift" after the inheritance tax is paid.
'16 - 435 x-drive coupe, '14 528x-drive, '07 M6 (I am a sequential BMW hoarder) '17 Jeep Wrangler