Tax forms depend on where you will live
New Jersey's GIT/REP forms are recorded with the deed on a sale. A nonresident seller must make an estimated gross income tax payment, calculated by multiplying the gain by 10.75 percent, with a minimum of 2 percent of the total consideration, unless GIT/REP-3 assurances apply. A resident seller or one whose whole gain qualifies for the IRC section 121 exclusion may use GIT/REP-3. Ask a tax professional before you move. If you are still deciding whether to move, a written offer is not a commitment. You can hold it against your plans.
