The exit tax is not an additional tax, a special tax or even a new tax, but merely a prepayment of the tax owed on the sale of real property by non-residents. So what does that mean? The tax is really just an estimated tax payment required at the time of a real estate closing to prevent non-residents from evading tax on the sale of second properties or investment homes.
The question of the New Jersey Exit Tax came up twice this week. No one we asked was familiar with it. We felt that it could be the Realty Transfer Tax, but we are not sure. What we heard is that there is an attachment to all deeds upon the sale of property. If using a resident form, the seller has to have a NJ address at the time the deed is.
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The "Exit Tax" is not a special or additional tax. The " Exit Tax " is not a special or additional tax . NJ Law requires that non – resident individuals who sell or transfer real property located in New Jersey make a NJ Gross Income Tax estimated tax payment on the gain as a condition of the recording of the deed.
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Honeywell is moving its headquarters to North Carolina from Morris Plains, New Jersey, three years after the company accepted tax credits that could be worth. "Our decision does not reflect any.
· New Jersey Gov. Chris Christie’s pending exit in January after seven years in office could spark the rebirth of the state’s film and television production tax incentive. In 2005, the Garden.
Although there is no federal tax on real estate at the present time, taxing authorities and taxing districts at the local and state government levels annually tax real and personal property.
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New Jersey’s exit tax is a special tax payment policy, although it does not create any new tax liability. Instead, the New Jersey exit tax is a required estimated tax payment that resident and nonresident taxpayers who sell their homes in New Jersey to move out of state must pay.