Originally Posted by gongtowjai
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.