New Jersey Administrative Code
Title 18 - TREASURY - TAXATION
Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX
Subchapter 7 - DEDUCTION
Section 18:26-7.4 - Mortgages
Universal Citation: NJ Admin Code 18:26-7.4
Current through Register Vol. 56, No. 6, March 18, 2024
The balance of a mortgage owing on the date of death is allowed as a deduction from the value of any real property securing such mortgage. In the case of real property held by a decedent and a surviving spouse/civil union partner as tenants by the entirety, the amount of any mortgage owing on such real property at the decedent's death is not allowable as a deduction since such property is exempt from the New Jersey transfer inheritance tax.
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