New Jersey | Tax Law
I inherited my Dad's home in NJ in 1991. My stepmother had a life estate. When she moved to a nursing home in 2011, she deeded the property to me, and I sold the property. I am a permanent resident of Virginia. NJ withheld $3500 at closing because I am a non resident. How do I get this money back?
Share This On:
1 Answer
Answered on: 5/03/12, 12:34 pm by Walter LeVineThere has to be a NJ Income Tax Return filed, reporting the sale, as it is considered NJ source income. The payment you made at the time of sale will be considered a tax deposit, and the tax based upon the profit you realized (basis vs sales price). You may be entitled to a refund if the estimated tax was over-estimated, or still owe something if the deposit was understated. I can assit you and contact me directly if you need assistance. Did you find this answer helpful?0 Users found this answer helpful. 0 Attorneys agree with this answer. Walter D. LeVine, Esq. 23 Vreeland Road #102 Florham Park, NJ 07932 ► Other answers from this attorneyShare This On:
|
|
|
