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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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New Jersey Asset Transfer/Bulk Sale
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Minvest
Level 3
04-26-2020
12:32 PM
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My 76 year old client sold a 3 family rental property in 2019.
The capital gain from the sale was $64,908.00.
Her total NJ income was $99,190.00 (including the $64.9K gain).
After all her Exclusions and credits for taxes paid, her NJ tax liability was $0.00.
The state of NJ withheld $40k in escrow funds from the sale.
The state requires an Asset Transfer Tax Declaration be completed before the escrow funds are released.
This is my first encounter with this form, and can't seem know what to make of it!!
Can anyone provide guidance on completing this form?
Much appreciated for your time.
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