A Cautionary Tale: Estate distribution is “income” that affects eligibility for NJ Homestead Rebate
A New Jersey homeowner’s acceptance of a $90,000 inheritance from his late sister’s estate in 2014 resulted in loss of his eligibility for the Homestead Rebate, because the inheritance was countable as “income.” . Although receipt of an inheritance by an estate beneficiary is not “income” under NJ or federal income tax regulations, it is still considered...