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 Claim for Refund of the Estimated Gross Income Tax Payment for the Sale of New Jersey Real Estate, Form a 3128 2021-2025

Nj Exit Tax 2021-2025 Form

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Video instructions and help with filling out and completing Claim For Refund Of The Estimated Gross Income Tax Payment For The Sale Of New Jersey Real Estate, Form A 3128

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Instructions and help about form a 3128 nj

One question I get a lot is about the New  Jersey exit tax and what it is. And how much   you should expect to pay. Right! The exit  tax is actually, it's not a separate tax,   it's actually a prepayment of New  Jersey income taxes, and it should   really only affect someone who expects to  pay taxes on the sale of their property,   and doesn't have any other property in New Jersey.  So most homeowners will not be hit with the exit   tax if the gain on their home is less than five  hundred thousand dollars. So, for example, if you   and your spouse bought a house for $450,000 five  years ago, and now you want to move down south,   you would need to be selling that property for  over $950,000 before you need to worry about the   exit tax. So, you know, most people won't have  to worry. But if you do have to pay the tax,   it's actually credited to your personal tax  return so you're not losing any of that money.

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