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      09-04-2007, 05:27 PM   #8
wrickem
doesn't really care
 
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Drives: what he wants to
Join Date: Mar 2006
Location: lambertville nj

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Quote:
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.
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'14 528-xdrive - daily driver/winter beater, '06 Boxster - for fun, '07 M6- for even more fun.
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