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Thread: Question on exit tax when moving from NJ
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Old 01-25-2014, 04:45 PM
lewie lewie is offline
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Default NJ Exit Tax
Quote:
Originally Posted by pivo View Post
I have been trying to sell my home here in N.J. for over a year now hopefully moving to the Villages, but yesterday I got another surprise I was told about an exit tax on your home if moving to another state.
Well I checked the internet and every comment was different from the other no help
So has anyone from Jersey who sold their home to move to Florida have to pay a exit tax, if so how much and is their some way a avoid the tax
Thank You
Yes; we paid an exit tax to move from NJ to The Villages. Your best bet to finding the amount you would owe is to ask your attorney and/or your realtor. It is 2% of some amount as set forth by IRS & NJ deed guidelines. (Friends who moved to PA 10 years ago also paid an exit tax.) If you are 62+ years old when you sell then it was discounted. Those were the parameters when we sold last year but that is not to say that they are the same for now. Good luck!