Category: Basis

repeal of the NJ estate tax

Repeal of the NJ Estate Tax – Should married couples update their wills?

Posted Pollock FirmPosted in Basis, Diclaimer, Estate Tax, New Jersey, Revocable Grantor Trust, Revocable Intervivos Trust, Will

Effective January 1, 2018, New Jersey repealed its estate tax.  The question then become how does this affect you and do you need to do anything about it?  For most people the change is a positive one because it means their heirs pay less taxes and they do not need to do anything to update […]

NJ Tax Repeal How Does This Affect you

NJ Estate Tax Repeal: How Does This Affect You?

Posted pollockatlawPosted in Basis, Capital Gains Tax, Estate Planning, Florida, Income Tax, IRA, Medicaid, NJ Estate Tax, NJ Inheritance Tax, Snowbird, Uniform Trust Act

It’s official.  According to NJ.com, Governor Christopher Christie has signed a bill to repeal the New Jersey Estate Tax.  The new law is part of a larger package deal that increases the gas tax, reduces the sales tax slightly, gives the working poor a larger tax credit, gives a tax cut on retirement income and gives a tax […]

Requirement of Executors to Report Basis of Assets

Requirement of Executors to Report Basis of Assets When Administering an Estate – FollowUp

Posted pollockatlawPosted in Basis, Estate Administration, Executor, Federal Estate Tax, Probate, Tax, Tax Returns

The IRS has released new regulations that have extended the due date for filing Form 8971 to March 31, 2016. Executors and administrators of estates that are required to file a federal Form 706 Estate Tax Return are now also required to file Form 8971 and report the basis of the assets included in the […]