I think you are referring to the supposed tax you might pay when selling your house and moving OUT of NJ, not the NJ Homes Sales tax which is payed at closing by the seller (the NJ State Sales Transfer tax referred to in the previous post) .
I just happened to read this article about the supposed EXIT tax. Here's the link:
Very interesting article, since even RE attorneys can't agree on what it means. Seems , however, the consensus is that IF you own a house in NJ and another one out of state and sell the NJ house, it's really a capital gains tax, not a tax you would pay if you only owned a house in NJ and sold it to move to Arizona.
Hope that helps.
Yes, there is a withholding if you are permanently leaving NJ. It is normally 2% of the deed consideration. This is done to insure that non residents file their returns and pay any amount due for gain on their property, which is determined when filing. Please contact your attorney or accountant to insure you have all of the information. There is also a real estate transfer tax paid by the seller, as Joe mentioned.
I hope that's helpful... if so, click the "thumbs up" below,
Joe Montenigro REMAX Home Team
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