How do non-resident sellers/grantors calculate the estimated Gross Income Tax payment on the sale/transfer of real property in New Jersey?
In accordance with N.J.S.A. 54A:8-9(a), the gain on the sale/transfer is multiplied by the highest rate of tax (8.97% effective 8-1-2004) for the taxable year provided in N.JS.A. 54A:2-1, but the estimated tax payment shall not be less than 2% of the consideration for the sale or transfer stated in the deed affecting the conveyance.
Related Questions
- If a non-resident seller/grantor recognizes no gain from the sale or transfer of real property in New Jersey, is he/she required to make an estimated Gross Income Tax payment?
- How do non-resident sellers/grantors calculate the estimated Gross Income Tax payment on the sale/transfer of real property in New Jersey?
- Why are successful sellers required to transfer their SRECs before they receive payment?
