NJ non-resident RE sale, witholding, and 1031 deferral (attorney, transfer)

[martinhh]

Hi all

I am a NJ non-resident selling a NJ-located property

I am advised that I must pay at closing an amount of 2% of gross proceeds, as withholding tax in anticipation of paying income taxes later

this is not quite $6k to be withheld
=
question

I am selling late November 2016, and making use of a 1031 intermediary who receives the money - I never do

Accordingly when the 1031 exchange is concluded, that will be in tax year 2017

so which tax year do I file, for reimbursement for over-withholding, assuming any, (a) 2016 when the closing happens or (b) 2017 when the sale/ transfer is concluded

On some occasions the 1031 does not happen and then the proceeds come to me, some time in 2017 and are taxable in 2017

but which tax year applies for my payment to adjust for over-withholding ?

help?

[jaymoney]

Consider consulting a tax attorney on this one, you've got a lot of the specifics which means it should be a ten minute phone call.

Time and money well spent.