Nonresident Sellers Tax Declaration
Nonresident Sellers Tax Declaration Form. This is a New Jersey form and can be use in Division Of Taxation Statewide.
Tags: Nonresident Sellers Tax Declaration, GIT-REP-1, New Jersey Statewide, Division Of Taxation
GIT/REP-1 (12-15) State of New Jersey NONRESIDENT SELLER’S TAX DECLARATION (Please Print or Type) SELLER’S INFORMATION Name(s) Current Street Address: City, Town, Post Office Box State Zip Code PROPERTY INFORMATION Block(s) Lot(s) Qualifier Street Address: City, Town, Post Office Box State Seller’s Percentage of Ownership Total Consideration Zip Code Owner’s Share of Consideration Closing Date SELLER’S DECLARATION The undersigned understands that this declaration and its contents may be disclosed or provided to the New Jersey Division of Taxation and that any false statement contained herein may be punished by fine, imprisonment, or both. I furthermore declare that I have examined this declaration and, to the best of my knowledge and belief, it is true, correct and complete. By checking this box o I certify that the Power of Attorney to represent the seller(s) has been previously recorded or is being recorded simultaneously with the deed to which this form is attached. __________________________________________ _____________________________________________________________________ Date Signature (Seller) Please indicate if Power of Attorney or Attorney in Fact __________________________________________ _____________________________________________________________________ Date Signature (Seller) Please indicate if Power of Attorney or Attorney in Fact (Please cut along dotted line) NJ 1040-ES GIT/REP-1 New Jersey Gross Income Tax Declaration of Estimated Tax–VOUCHER 1 - OFFICIAL USE ONLY YOUR SOCIAL SECURITY NUMBER Calendar Year SPOUSE/CIVIL UNION PARTNER SOCIAL SECURITY NUMBER / / LAST NAME, FIRST NAME AND INITIAL / / Be sure to include your social security number on your check or money order to ensure proper credit for this payment STREET ADDRESS CITY, STATE ZIP CODE This payment is being made to: Make Check Payable To: State of NJ - Division of Taxation Mail to: Revenue Processing Center PO Box 222 Trenton, NJ 08646-0222 01209 X GIT/REP-1 AMOUNT OF THIS PAYMENT $ , , . American LegalNet, Inc. www.FormsWorkFlow.com Nonresident Seller’s Tax Declaration Instructions A nonresident individual, estate, or trust that is selling or transferring property in New Jersey and has not made the required gross income tax estimated payment prior to closing, or is not required to do so because they meet any of the recognized exemptions, must complete this form. Name(s): Enter the name of the seller. If there is more than one seller, each must complete a separate form unless they are a married/civil union couple that files their income tax returns jointly. Address: Enter the seller’s primary residence or place of business. Do not use the address of the property being sold. The seller is considered to be a nonresident unless a new residence (permanent place of abode, domicile) has been established in New Jersey and the new residence is listed here. Part-year residents are considered nonresidents. Property Information: Enter the information listed on the deed of the property being sold. Enter the seller’s percentage of ownership, the total consideration for the transaction, the seller’s share of that consideration, and the closing date. Consideration: "Consideration" means, in the case of any deed, the actual amount of money and the monetary value of any other thing of value constituting the entire compensation paid or to be paid for the transfer of title to the lands, tenements or other realty, including the remaining amount of any prior mortgage to which the transfer is subject or which is assumed and agreed to be paid by the grantee and any other lien or encumbrance not paid, satisfied or removed in connection with the transfer of title. If there is more than one owner, indicate the seller's portion of the total consideration received. If the total consideration for the property is $1,000 or less, complete the Seller’s Residency Certification/Exemption Form GIT/REP-3 and check box 6 under Seller’s Assurances. Signature: The seller must sign and date the Seller’s Declaration. If the seller has appointed a representative who is signing the Seller’s Declaration on their behalf, either the Power of Attorney executed by the seller must have been previously recorded or recorded with the deed to which this form is attached, or a letter signed by the seller granting authority to the representative to sign this form must be attached. Declaration of Estimated Tax – Voucher The seller must complete the estimated tax voucher, including their social security number or federal tax identification number. The amount of the estimated tax payment is determined by multiplying the gain from the sale of the property by the highest gross income tax rate (8.97%). In the case of estates and trusts, the gain is determined without taking into consideration any distributions made to the beneficiaries during the taxable year. In no case can the estimated payment be less than 2% of the consideration received for the sale. Payment must be in the form of check or money order made payable to the State of New Jersey - Division of Taxation. The seller must give the completed GIT/REP-1 to the settlement agent (usually the buyer’s attorney or the title company) at closing, along with the required estimated income tax payment. The settlement agent must file the original GIT/REP-1, payment, and deed with the appropriate county clerk for recording. If the form is not completed in its entirety, or if the settlement agent does not submit the original form and payment with the deed, the county clerk will not record the deed. The county clerk will attach the top portion of Form GIT/REP-1 to the deed when it is recorded and will forward the bottom portion (NJ1040-ES) and the estimated tax payment to: State of New Jersey Revenue Processing Center PO Box 222 Trenton, New Jersey 08646-0222. Additional information regarding gross income tax estimated payment requirements for nonresidents on the sale or transfer of real estate can be found on the Division of Taxation’s website at www.state.nj.us/treasury/taxation. American LegalNet, Inc. www.FormsWorkFlow.com