Current through Register Vol. 54, No. 34, May 15, 2023
Section 18:26-5.11 - Jointly held property(a) Where, in the case of a resident decedent, real or tangible personal property situated in this State or intangible personal property wherever situated, or in the case of a nonresident decedent, real or tangible personal property located in this State, is held in the joint names of the decedent and one or more of such persons as joint tenants, the transfer of ownership, possession, and enjoyment of such property to a surviving joint tenant or tenants is a transfer subject to the New Jersey transfer inheritance tax.(b) Such transfers are taxed in the same manner as if such property had belonged absolutely to the decedent joint tenant and had been devised or bequeathed by will to the surviving joint tenant or tenants. Only that part or interest in such property which the surviving joint tenant or tenants prove, to the satisfaction of the Director, to have originally belonged to the surviving joint tenant or tenants and not the decedent, is exempt from the tax.(c) This section applies to property deposited in banks or other institutions or depositories in the joint names of two or more persons and payable to either or the survivor under NJ.S.A. 17:16I-5.(d) This section applies only to property held by two or more persons as joint tenants, and not tenants by the entirety. For the rule applicable to property held by tenants by the entirety, see N.J.A.C. 18:26-6.4.(e) In the case of a nonresident decedent holding real property in this State as a joint tenant together with one or more other persons, the transfer of such property at death is deemed to pass to the surviving joint tenant or tenants as though specifically devised and as such is not subject to the ratio tax imposed upon the transfer of property of a nonresident under N.J.S.A. 54:34-3.(f) The right of a spouse/civil union partner or the right of a domestic partner as defined in N.J.S.A. 26:8A-3, as a surviving joint tenant with his or her deceased spouse/civil union partner or domestic partner, to the immediate ownership or possession and enjoyment of a membership certificate or stock in a cooperative housing corporation, the ownership of which entitles such member or stockholder to occupy real estate for dwelling purposes as the principal residence of the decedent and spouse/civil union partner or domestic partner is exempt from the transfer inheritance tax.
N.J. Admin. Code § 18:26-5.11Adopted by 50 N.J.R. 1624(a), effective 7/16/2018