When there are two or more owners selling real property in New Jersey, that they own as tenants in common, and one is a non-resident, how is the Estimated Gross Income Tax calculated?
The non-resident seller/grantor shall estimate the gross income tax due by multiplying the percentage of ownership times the gain used for federal income tax purposes times the highest rate of tax (8.97% effective 8-1-2004) for the taxable year provided in N.J.S.A. 54A:2-1, but the estimated payment shall not be less than 2% of the non-resident’s percentage of the consideration for the sale or transfer stated in the deed affecting the conveyance.
The non-resident seller/grantor shall estimate the gross income tax due by multiplying the percentage of ownership times the gain used for federal income tax purposes times the highest rate of tax (8.97% effective 8-1-2004) for the taxable year provided in N.J.S.A. 54A:2-1, but the estimated payment shall not be less than 2% of the non-residents percentage of the consideration for the sale or transfer stated in the deed affecting the conveyance.
Related Questions
- When there are two or more owners selling real property in New Jersey, that they own as tenants in common, and one is a non-resident, how is the Estimated Gross Income Tax calculated?
- When there are two or more owners selling real property in New Jersey, are separate GIT/REP forms required to be completed and signed?
- What is the difference between Joint Tenants and Tenants in Common in property ownership?
