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Old 08-14-2010, 10:11 AM
 
5 posts, read 22,395 times
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My husband and I moved out of NJ to another state in July and sold our house, we lost about 50K on the house. I thought I would be living in NJ as my primary residence until the end of the year due to work, but my company was nice enough to have me work at home. Do I have to pay a NJ Exit tax to NJ now or any other tax?
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Old 08-14-2010, 11:15 AM
 
Location: New Jersey/Florida
5,818 posts, read 12,620,766 times
Reputation: 4414
Quote:
Originally Posted by myennior View Post
My husband and I moved out of NJ to another state in July and sold our house, we lost about 50K on the house. I thought I would be living in NJ as my primary residence until the end of the year due to work, but my company was nice enough to have me work at home. Do I have to pay a NJ Exit tax to NJ now or any other tax?
Didn't you have a HUD statement that you must sign off on. Or an attorney representing u? If not mail in 12 Billion to the " NJ State Treasury" and we will be out of debt. Only kidding. check your HUD statement
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Old 08-14-2010, 11:33 AM
 
Location: NJ
17,573 posts, read 46,126,539 times
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People are often confused about what this tax is. It is not a tax on leaving NJ. It is simply a way for NJ to collect on any tax from the gain on sale of your house up front if you are leaving the state.
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Old 08-14-2010, 01:28 PM
PDD
 
Location: The Sand Hills of NC
8,773 posts, read 18,379,327 times
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It's called a realty transfer tax and you pay if you sell your house. if you are a senior citizen the tax is cut in half.
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Old 08-14-2010, 02:38 PM
 
Location: NJ
17,573 posts, read 46,126,539 times
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Quote:
Originally Posted by PDD View Post
It's called a realty transfer tax and you pay if you sell your house. if you are a senior citizen the tax is cut in half.
That is actually something different to than what the OP is talking about.
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Old 08-14-2010, 02:41 PM
 
Location: Ocean County, NJ
912 posts, read 2,445,683 times
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Do you pay this if you LOST money on a house, though??
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Old 08-14-2010, 03:13 PM
 
Location: NJ
17,573 posts, read 46,126,539 times
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Quote:
Originally Posted by TheGambler View Post
Do you pay this if you LOST money on a house, though??
Not the "exit tax". I believe everyone pays the transfer tax, but I'm not 100% sure on that.

The so called "exit tax" is simply collecting the tax on the GAIN of a house up front for people that may not be filing a NJ state tax return. It is the same tax that both residents and non-residents will pay.
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Old 08-14-2010, 03:59 PM
PDD
 
Location: The Sand Hills of NC
8,773 posts, read 18,379,327 times
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Quote:
Originally Posted by manderly6 View Post
Not the "exit tax". I believe everyone pays the transfer tax, but I'm not 100% sure on that.

The so called "exit tax" is simply collecting the tax on the GAIN of a house up front for people that may not be filing a NJ state tax return. It is the same tax that both residents and non-residents will pay.
There is no exit tax. I just moved out of NJ after 60 years and paid no exit tax. You have to pay taxes on the profit you make over 500K but I did not make a 500K profit.

THERE IS NO EXIT TAX
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Old 08-14-2010, 04:12 PM
 
Location: NJ
17,573 posts, read 46,126,539 times
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Quote:
Originally Posted by PDD View Post
There is no exit tax. I just moved out of NJ after 60 years and paid no exit tax. You have to pay taxes on the profit you make over 500K but I did not make a 500K profit.

THERE IS NO EXIT TAX
Hence the use of the quotation marks and the words "so called" and then clearly saying it is a tax on the gain.
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Old 08-14-2010, 10:51 PM
 
147 posts, read 389,598 times
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Quote:
Originally Posted by PDD View Post
It's called a realty transfer tax and you pay if you sell your house. if you are a senior citizen the tax is cut in half.
Yes, it's like a sales tax. The lawyer would have handled it in preparing the closing statement. BTW, for this case they regard a senior citizen as anyone 62 or over.
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