-
You asked and we delivered! AMPReviews now provides the option to upgrade to VIP access via paid subscription as an alternative to writing your own reviews. VIP Access allows you to read all the hidden content within member-submitted reviews AND gives access to private VIP-only forums in each city. You can upgrade your account INSTANTLY by visiting the Account Upgrades page in your own user profile and using a valid credit card to purchase a subscription. You can get to this page by clicking the link in any review, by clicking the red "See the Details Now" banner on the home page, and by clicking the Purchase Private Details link in the navbar at the top of every page
Adios New Jersey
- Thread starter njlefty
- Start date
- Status
Sorry to hear. I was under the impression the impression that the so called exit tax was more like a withholding to make sure those exiting the state would pay any taxes due on the sale of their home.
But as is the case with everything in NJ, its extremely difficult to get accurate information.
In NJ, nothing would surprise me.
But as is the case with everything in NJ, its extremely difficult to get accurate information.
In NJ, nothing would surprise me.
I have to speak to a CPA and I will. But I have already seen examples of people who sell their home in New Jersey and then rent a place for the remainder of the year within the state. This permits an exclusion of $250,000 for single filers and $500,000 for couples.
I’ve always paid my fair share and have never been audited. This loss of the exclusion because of a move across a state line seems arbitrary.
I’ve always paid my fair share and have never been audited. This loss of the exclusion because of a move across a state line seems arbitrary.
I came across this article back in August and decided to save it. It might have some helpful information.
https://www.nj.com/news/2020/08/will-my-mom-owe-taxes-if-she-sells-her-home-and-leaves-nj.html
“
And the so-called “exit tax” causes a lot of confusion for home sellers.
“Many believe that this is a tax imposed when you sell property in New Jersey and move out of state, but this is incorrect, said Joseph Sarnecki, a certified financial planner with U.S. Financial Services in Fairfield.
It is not an additional tax, but simply a pre-payment of potential income tax based on the sale of the home, he said.
Specifically, New Jersey requires you to withhold the amount of either 8.97% — New Jersey's highest tax bracket — of the profit, or 2% percent of the total selling price, whichever is higher, he said.”
...
“This is basically New Jersey’s way of getting you to file a final tax return after leaving the state. It is not an extra tax.”
By all means talk to a CPA.
https://www.nj.com/news/2020/08/will-my-mom-owe-taxes-if-she-sells-her-home-and-leaves-nj.html
“
And the so-called “exit tax” causes a lot of confusion for home sellers.
“Many believe that this is a tax imposed when you sell property in New Jersey and move out of state, but this is incorrect, said Joseph Sarnecki, a certified financial planner with U.S. Financial Services in Fairfield.
It is not an additional tax, but simply a pre-payment of potential income tax based on the sale of the home, he said.
Specifically, New Jersey requires you to withhold the amount of either 8.97% — New Jersey's highest tax bracket — of the profit, or 2% percent of the total selling price, whichever is higher, he said.”
...
“This is basically New Jersey’s way of getting you to file a final tax return after leaving the state. It is not an extra tax.”
By all means talk to a CPA.
Lefty what do you mean the Gov just raised taxes again, but is a hero because in the last few days he expanded abortion where a dr. no longer be present and made diversity training part of the school curriculum. Now the kids will be taught important things since they do not learn math, science, etc. The inner city schools will think this is great sadly it will need to be written at a 2nd grade level so the high schoolers can understand it.
The average property tax bill in New Jersey has cracked $9,000 for the first time, rising $159 to $9,112 in 2020, according to new data from the state Department of Community Affairs.
- Status