New Jersey Tax Guide - State

New Jersey Tax Guide Buying or Selling a Home in New Jersey 2 Buying a Home in New Jersey Buying or selling a home can be a big decision, and we want to prepare you with the tax information you may need to know. This Guide will help residents and nonresidents of New Jersey understand what taxes or fees you may be responsible for, how and when to pay, and what Taxation forms are needed to finalize the sale. Tax Responsibilities Sales Tax: Sales Tax is not due on home sales. Realty Transfer Fee: Sellers pay a 1% Realty Transfer Fee on all home sales. The buyer is not responsible for this fee. However, buyers may pay an additional 1% fee on all home sales of $1 million or more. You can find more information on the Realty Transfer Fee, including rates and exemptions, here. Property Tax Relief Programs State Relief Programs: New Jersey resident homeowners may be entitled to property tax relief benefits, credits, or deductions provided by the State of New Jersey .

Real Property in New Jersey. Reporting Income/Loss on the Sale of Property You will report any income earned on the sale of property as a capital gain. When filing your New Jersey Tax Return, a capital gain is calculated the same way as for federal purposes. Any amount that is taxable for federal purposes is taxable for New Jersey purposes. See IRS

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  States, Income, New jersey, Jersey, Earned, Earned income

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