Home Selling in 08003>Question Details

dmbrown68, Home Seller in Clarksboro, NJ

I am selling my house if the house sells and I stay in NJ without buying another property is there still an exit tax along with tax for just selling?

Asked by dmbrown68, Clarksboro, NJ Wed Dec 12, 2012

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David & Samuel Rifkin’s answer
Whenever you sell a home in New Jersey you will have to pay a transfer tax. The amount is based on the sale price. Feel free to contact me and I can let you know how much will be due.

David Rifkin 856-261-0616
Realtor, Broker Associate, Notary
Keller Williams Realty
0 votes Thank Flag Link Tue Jan 15, 2013
The term “exit tax” is misleading, effective Aug. 1, 2004, the state enacted P.L. 2004, Chapter 55, which requires nonresidents of New Jersey to pay an estimated tax on the income from the sale of New Jersey real property. If you plan on maintaining residency -whether renting or living with family or friends- you will still be a resident of New Jersey. At settlement you should complete Form GIT/REP-3 (Sellers Residency Certification/Exemption) and check box #1 under Seller Assurances.
0 votes Thank Flag Link Tue Aug 19, 2014
yes, however if you are over 64 it will be greatly reduced.
0 votes Thank Flag Link Thu Jul 17, 2014
There is a also a transfer fee tax that you cannot avoid.
As far as the exit tax they have already explained correctly.
0 votes Thank Flag Link Wed Dec 12, 2012
You may also wish to acquaint yourself with the NJ Transfer Tax :http://www.state.nj.us/treasury/taxation/lpt/rtffaqs.shtml
0 votes Thank Flag Link Wed Dec 12, 2012
another good link for you which explains the form
0 votes Thank Flag Link Wed Dec 12, 2012
The "exit tax" is to those selling their home who have not lived in that home as their primary residence for 2 out of the past 5 years. You can read more about it online and look for the form GIT/REP-3 which you will fill out at settlement, see the link I provided below. Check with your accountant to clarify.
0 votes Thank Flag Link Wed Dec 12, 2012
Hello Dmbrown,
Thank you for your question.
The 2% tax on the profit is only collected if you move out of state when you sell your house.
You can cal the title company so they can give you an idea of the net proceeds after the sale.
Best Regards,
Ines De La Cruz, ABR, CRS
RE/MAX Connection
0 votes Thank Flag Link Wed Dec 12, 2012
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