Today TaxMama hears from April in NJ who has this question.
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“We plan to buy a lot from our friend.
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We are buying it for $150,000. Do we just pay him the $150,000? Or do we have to add our state’s 7% sales tax on to the price?”
Dear April,
That’s definitely a new question.
Sales taxes are purely state laws.
So you’ll need to check with your New Jersey Division of Taxation.
Before you call them, start here. They have a page all about transferring or selling real property.
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https://www.state.nj.us/treasury/taxation/index.html
Typically, states don’t tend to charge sales taxes on the sales of real estate.
However, there is usually some kind of transfer fee or recording fee that the counties charge. In your case, it’s about $150 according to the Director’s Memo regarding Chapter 55, P. L. 2004
https://www.state.nj.us/treasury/taxation/pdf/rtfcoverletter.pdf
And you don’t pay it to the seller. You pay it to the county clerk when you record the purchase.
But, do call the Division of Taxation about the sales tax – just to be sure.
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And remember, you’ll find answers to lots of questions about buying property and other tax information, free.
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Where? At TaxMama.com
- Ask TaxMama :: Where taxes are fun and answers are free
- TaxQuips :: The number ONE tax podcast online
- NJ Division of Taxation FAQ :: About transferring or selling real property.
- NJ Division of Taxation Memo :: Director’s Memo regarding Chapter 55, P. L. 2004 – regarding transfer fees
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