{"data":{"id":"us-nj/n.j.-stat.-3b-19b-26","jurisdiction":"us-nj","citation":"N.J. Stat. § 3B:19B-26","heading":"Transfers from income to principal for depreciation","body":"26.  Transfers from Income to Principal for Depreciation.\na.\tAs used in this section, \"depreciation\" means a reduction in value due to wear, tear, decay, corrosion or gradual obsolescence of a fixed asset having a useful life of more than one year.\nb.\tA trustee may transfer to principal a reasonable amount of the net cash receipts from a principal asset that is subject to depreciation, but may not transfer any amount for depreciation:\n(1)\tof that portion of real property used or available for use by a beneficiary as a residence or of tangible personal property held or made available for the personal use or enjoyment of a beneficiary;\n(2)\tduring the administration of a decedent's estate; or\n(3)\tunder this section if the trustee is accounting under section 12 of this act for the business or activity in which the asset is used.\nc.\tAn amount transferred to principal need not be held as a separate fund.\nL.2001,c.212,s.26.","path":["TITLE 3B ADMINISTRATION OF ESTATES--DECEDENTS AND OTHERS"],"source_url":"https://pub.njleg.state.nj.us/statutes/STATUTES-TEXT.zip","current_through":"P.L.2025, c.405, and J.R.22","vintage":"","retrieved_at":"2026-08-27T17:54:13Z","sha256":"c4a8206102b1ae128d1f93aeed190c07b3b2ead6ec9f26daa76c6b4396e4e288","source_id":"us-nj","stale":true,"prev":"us-nj/n.j.-stat.-3b-19b-25","next":"us-nj/n.j.-stat.-3b-19b-27"},"notice":"GroundRules: Original legal text. Not legal advice."}