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I'm assuming from your screen name that you're a realtor. If so, you may want to brush up on the laws, since you're providing incorrect info.
There is no "exit tax" in NJ- there is a "real estate transfer tax", which everyone pays regardless of where you move to. The "tax" that everyone keeps referring to if you move out of state is simply withholding of potential NJ state income taxes due on capital gains from the sale- if you show a forwarding address that's not in NJ, the closing attorney is required to withhold taxes that may be due on the capital gain so that NJ doesn't have to go chasing people all over the country to collect.
they elected
that idiot McGreevy instead and look what they got....another scandal
Yea but now it's looking like McGreevy was a walk in the park next to this bozo. It's like the Clinton/Bush thing...I'd take a sex scandal over a crashing economy anyday!
Just came across this on the NJ Div. of Taxation - NJ Realty Transfer Fees FAQs (http://www.state.nj.us/treasury/taxation/lpt/rtffaqs.htm - broken link)
Outlines the FAQ's about the NJ Realty Transfer Fees
Yea but now it's looking like McGreevy was a walk in the park next to this bozo. It's like the Clinton/Bush thing...I'd take a sex scandal over a crashing economy anyday!
Only Clinton was responsible for the sex scandal. The President has very little control over the economy. But that is for another forum.
We moved out of NJ in Feb. 1990 and we were penalized on our income tax. It's been so long that I can't remember the exact details, but we wound up paying tax on all our income for that year (NJ & VA) to the NJ government as well as paying our VA taxes in VA.
It didn't stop our relocation, but it sure left a bitter taste of NJ.
We do miss the boardwalk and our longtime friends, but the rest of the state is pretty much a speck in the rearview mirror of life.
We moved out of NJ in Feb. 1990 and we were penalized on our income tax. It's been so long that I can't remember the exact details, but we wound up paying tax on all our income for that year (NJ & VA) to the NJ government as well as paying our VA taxes in VA.
It didn't stop our relocation, but it sure left a bitter taste of NJ.
We do miss the boardwalk and our longtime friends, but the rest of the state is pretty much a speck in the rearview mirror of life.
If you filed your state taxes correctly, you would not have paid taxes on the same income to both New Jersey and Virginia. You should have pro-rated your income for the time you were a resident in each state. For example, if you moved from NJ at the end of March, you would have claimed only the income from 1/1 to 3/31 for NJ. Then you would have claimed the balance of the year to Virginia and paid the tax on that income to them. However, since this happened in 1990, it's too late to amend your returns. It sounds like you weren't penalized, just filed incorrectly.
However, since this happened in 1990, it's too late to amend your returns. It sounds like you weren't penalized, just filed incorrectly.
I appreciate your reply. Although I was astounded when this occurred, the people who did my taxes were adamant that it was correct. But, no use crying over spilled milk as they say.
I appreciate your reply. Although I was astounded when this occurred, the people who did my taxes were adamant that it was correct. But, no use crying over spilled milk as they say.
I worked in the New Jersey Division of Taxation call center and e-mail unit for 3 years. You would be ASTOUNDED at the number of accountants (including CPAs) who make stupid mistakes on income tax returns. We always told people to go over their returns carefully before they sign them because THEY are responsible for what's on the return, not the accountant. I hate to tell you how much money people lost due to errors on their returns. Sorry it happened to you.
Bob,
Could you please explain the EXIT TAX to me?............................................... ................
Sorry, after reading this thread (I'm selling my house) I couldn't help myself.
Mike
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Bob Kovacs
