Atlantic County, NJ buyers and sellers; Are You Aware of the Bulk Sales Tax?

Yes Atlantic County, NJ is getting hit with another tax — Bulk Sales Tax? What is the Bulk Sales Tax? This law states that “Buyer is responsible to find out if taxes were withheld or excluded; they will be due when the home is sold. Wow. It sounds to me like the State and/or Federal government wants to make NJ buyers their personal agents in solving this problem. This is a law that anyone living in Atlantic County, NJ and is buying a home should be aware of. If you are a seller and you’re buying a home in Atlantic County, NJ after selling your home, you need to be aware of this too. Presently, this bulk law seems to only apply if the realty is NOT the primary residence of the seller. For your information:

There may be nothing to worry about but stay informed.

“The general rule applied to real estate transfers should be: If the realty is not the primary residence of the seller, the transfer should be reported by the transferee or their representative to the Division of Taxation as per the TB-60. Since there may be some exception so this general rule, it is best to file form C-9600 and discuss the specific facts and circumstances with a representative of the Bulk Sale Section.”(1)

(1) http://vestedtitle.blogspot.com/2009/02/new-jersey-bulk-sales-reporting.html

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