Legal Question in Real Estate Law in New Jersey
I'm selling a property in New Jersey for a profit but live in New York. How do I calculate the non-resident tax. Is the tax based on the net profit after all of the expenses such as commission, lawyer fees, transfer tax and other closing cost are deducted or is it based on gross profit.
Asked on 3/25/14, 7:12 pm
2 Answers from Attorneys
Larry Raiken
Larry S Raiken LLC
The tax is based on the gross sales price.
Answered on 3/26/14, 5:49 am
Robert Davies
The Davies Law Firm, P.A.
get a lawyer to help you with this sale.
Answered on 3/26/14, 6:07 am
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