New Jersey Administrative Code
Title 18 - TREASURY - TAXATION
Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX
Subchapter 7 - DEDUCTION
Section 18:26-7.12 - Real estate broker commissions
Universal Citation: NJ Admin Code 18:26-7.12
Current through Register Vol. 56, No. 6, March 18, 2024
(a) A deduction is allowed for commissions paid or payable to a real estate broker or agent in connection with the sale of real estate of which a decedent dies seized, so long as:
1. The real estate was the subject of a contract of sale entered into by the decedent during his or her lifetime;
2. The real estate is actually sold by the executor or administrator (the real estate must be sold by the representative of an estate and not the beneficiary or beneficiaries in order to qualify); or
3. It is necessary in the administration of the decedent's estate to affect a sale of said real estate for the purpose of liquidating debts, or the payment of the expenses of administration of the estate, or for the payment of legacies.
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