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BMW 3-Series (E90 E92) Forum > BMW E90/E92/E93 3-series General Forums > Regional Forums > USA - NY / NJ / CT / PA > did anyone in NJ ever inherit a car?



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      09-04-2007, 01:40 PM   #1
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did anyone in NJ ever inherit a car?

My aunt just called me and told me that my uncle who recently passed away wanted me to have his '07 M6 coupe (I actually thought I was ending up with one of his Porsches, but this is way better). I am waiting for their lawyer to call me back so he can tell me exactly what I need to do to resister it to me. I am picking it up today after work and I will use their tags and stuff until I switch it to me but my question is.....

Do I have to pay Inheritance tax AND NJ Sales Tax? I've tried all kinds of searches, but they are all pretty vague.

thanks, Rick
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      09-04-2007, 01:44 PM   #2
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Sorry about your Uncle.
At least he got to drive it for a couple months. Pure Joy.
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      09-04-2007, 02:30 PM   #3
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Thanks Stronie! It's only got 800 miles on it, so it's not even broken in yet, but I know he enjoyed every mile he drove it.
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      09-04-2007, 03:06 PM   #4
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http://www.state.nj.us/treasury/taxa....htm~mainFrame

Hope this helps...
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      09-04-2007, 03:54 PM   #5
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WOW. Sorry to hear about your loss though, what a nice uncle to leave you a 90k+ car!
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      09-04-2007, 05:32 PM   #6
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Quote:
Originally Posted by gongtowjai View Post
Thanks a lot gongtowjai, I was there before and it's still sketchy to me. Even when people at work tried to explain it to me, it was kind of sketchy. When the lawyer calls and I make him explain in simple detail, I'll post it here. I know that NJ always has their hand out so I pretty much figured out that I'll have to pay both. It's not a big deal, I just hate paying luxury, gas-guzzler, estate taxes on top of everyday retail ones. And yes, he was a good guy, he's who taught me all about fine automobiles and how to appreciate them.
Thanks again.
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      09-04-2007, 06:09 PM   #7
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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.
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      09-04-2007, 06:27 PM   #8
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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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      09-04-2007, 07:34 PM   #9
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I don't think so but I believe you have to prove it to DMV that its paid for already. Plus, why would you pay sales tax if the transaction is not even a sale or you already paying inheritance tax already? Thats a double whammy.. Call DMV up and ask them.
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      09-04-2007, 07:55 PM   #10
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I think this should be considered a "gift". You are not paying your uncle or aunt a single penny, thus there is no "sale" to tax. So, I think only the 15% inheritence tax is sufficient, and even that is quite a lot.
Sorry about your uncle..
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      09-04-2007, 08:01 PM   #11
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Okay I just picked up the car (drove it with a shakey leg from excitement/nerves) and also spoke with the estate lawyer. I just have to pay the inheritance tax and take some documents that he will send to me to DMV. It essentially becomes a "gift" at that point as far as sales taxes go.

You have no idea how NJ is, once I bought a car and paid taxes on what I paid for it. After 3 months, they sent me a letter stating that it was worth $3K above what I paid for it. What a hassle that became!

Thanks for your help and suggestions (but not the "failing" grade) gongtowjai, I appreciate it!
Rick
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      09-04-2007, 11:45 PM   #12
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Sorry about your uncle. But congrats on your new ride. Enjoy it and not take it for granted. Ask the lawyer which book value to use to value the car at the time of death to determine the 15% tax. Hopefully, they mistook it for a 06...
You didn't hear it from me...
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      09-08-2007, 09:55 AM   #13
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thats why you buy a vehicle sold "non running condition" according to bill of sale.....
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      09-08-2007, 12:21 PM   #14
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Send a message via AIM to karliejai
can we share?
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