The “Exit Tax” is Not Even a Tax, It Is An Estimated Tax Payment.
When a home is sold in New Jersey, sellers have to make an estimated tax payment at the time of closing.
This estimated tax payment is actually the “exit tax” that have so many New Jersey homeowners have questions about. New Jersey imposes this tax to make sure homeowners pay what is owed on their final state tax return even if they no longer live in the state.
State rules say the estimated tax payment shall not be less than 2 percent of the consideration for the sale as stated in the deed.
To qualify, the home would have had to be your principal residence for 24 of the previous 60 months.
There are many exceptions to the rule! The most common of which is that the property is the homeowner’s primary residence and they are exempt from capital gains under the Federal Tax Code (Section 121 of the Internal Revenue Code).
Obtaining legal advice from an experienced New Jersey real estate attorney is essential when selling a home in the state, especially if the homeowner has plans to leave the state during or after the sale.
Dash Farrow, LLP, provides personal attention to each real estate client, and a high degree of responsiveness throughout the process. We take pride in minimizing transaction time, while ensuring client needs are met every step of the way. Trust our experienced team of real estate professionals when buying or selling a property in New Jersey.
When you need experienced, focused, and responsive legal counsel:
CALL DASH FARROW, LLP
Congratulations to Dash Farrow, LLP partner Tim Farrow for being named a 2017 Top Attorney by SJ Magazine!
Photo Credit “David Michael Howarth Photography”
From South Jersey Magazine:
“Every year, we ask SJ attorneys to tell us which of their peers are standouts in the legal arena. They’re the esteemed attorneys who have risen to the top and continue to excel in their fields. Our annual Top Attorney list highlights the noteworthy professionals who are making a remarkable impact in the courtroom and beyond.”
About Moorestown, NJ Law firm Dash Farrow, LLP:
Since founding the firm in 2008, Ben Dash and Tim Farrow have provided expert legal advice to businesses and individuals throughout the region in areas such as real estate, litigation, corporate, criminal defense, and DUI.
With experience in a variety of legal issues, including high-profile cases receiving national attention, Ben is often called upon to share his legal knowledge of real estate, corporate transactions, and litigation matters with business, trade and professional groups.
Before devoting his career to criminal defense more than 10 years ago, Tim worked on the other side of the courtroom – first as a law clerk in Camden County Superior Court for a criminal judge, then as an assistant prosecutor in Burlington County. Today, Tim provides criminal defense at all levels, including against driving-related charges, disorderly persons offenses, juvenile crimes and indictable (felony) offenses.
Tim was once again recognized as a top South Jersey juvenile attorney by SJ Magazine this year. Thank you SJ Magazine!
Penn State death followed others blamed on hazing in US fraternities
Excerpt from GMA article via Yahoo.com by Michael Edison Hayden
The recent charges filed against fraternity members in the death of Penn State student Timothy Piazza during a fraternity pledge ceremony have stoked interest in the detailed allegations of inaction among group members in coming to his aid, but fatalities of this nature are not uncommon on U.S. college campuses.
“This case is perhaps the most extreme case of the major shift that I have observed first-hand at colleges and universities across the country. Colleges traditionally have tried to handle the majority of student disciplinary matters internally, perhaps to avoid tarnishing their reputation. That has become much more difficult in light of high-profile cases such as this one. I have seen a rise in criminal charges out of New Jersey schools such as Rowan University and Rutgers University, even for relatively minor offenses such as Marijuana Possession, Underage Drinking, and DWI. At the same time, the potential consequences of these charges have become more serious, including loss of student housing and financial aid, and loss of potential employment opportunities. The party is not over for college students, but they certainly need to be a lot more careful or for some, it will quickly come to a screeching halt.”
– NJ Criminal Defense Attorney Tim Farrow
Here are some similar deaths that occurred in recent years:
April 20, 2013: Virginia State University
Four men who belonged to Men of Honor, an unsanctioned fraternity on campus at VSU, were convicted for manslaughter after hazing two students by making them walk into the Appomattox River, resulting in their drowning deaths.
Testilying – Swearing to tell a lie
Changing stories told on the stand after convictions is so common, court watchers have a name for it. The challenge is what to believe, and when.
Excerpt from Philadelphia Inquirer/Philly.com article by Emilie Lounsberry & Michaelle Bond
It was a giant step for Deirdre Jones to take the witness stand that day in 2012. She had returned to a Philadelphia courtroom to testify about a 1991 murder near Rittenhouse Square. Her first time on the stand, she said, haunted her for almost two decades.
Jones had been the star witness in the 1993 trial of Chester Hollman III, charged with killing a University of Pennsylvania student. Hollman, a 21-year-old with no criminal history, had been picked up minutes after the murder and blocks from the scene.
Detectives found no physical evidence tying him to the crime. So Jones’ testimony — that she had been riding with Hollman and another man in an SUV when they got out and she heard a gunshot — almost certainly cemented his conviction and life prison sentence.
But when Hollman’s appeals lawyers called her back to the witness stand 19 years later, Jones offered a different account.
Choking up, Jones swore she had lied at trial, that she and Hollman had been driving alone that night and he had no role in the killing of the victim, Tae-Jung Ho. Jones said detectives coerced her into implicating Hollman.
Helping to lock him up, she said, stoked years of depression.
“I just thought it was time for me to come out and to tell the truth,” Jones, then a 40-year-old hospital worker, testified in January 2012. “Maybe some of my depression would go away.”
“I tried 3 murder cases in the last year, and witness credibility played a huge role in the hung juries reached in all of them. All 3 cases have since plead to lesser charges and much lower sentences than the 30 minimum for Murder, including 6 and 4 years recently.”
– NJ Criminal Defense Attorney Tim Farrow
The case illustrates a stark reality of the criminal justice system: People lie. They lie to stay out of jail, to get out of jail, to curry favor with cops. And police sometimes lie, too. It’s so common, so understood within the court system, that regulars have a name for it: Testilying — when officers lie to buttress a weak case, or when a defendant lies in hopes of winning an acquittal.
Virginia Is for Felonies? Petty Theft Law From 1980s Sticks
Originally by Alanna Durkin Richer via AP
“Stealing a $230 pair of eyeglasses would land you a misdemeanor conviction in most states. Shoplifting the same item in Virginia could make you a felon for life.
To keep pace with inflation, at least 30 states have raised the dollar minimum for felony charges in the last two decades. Three dozen have a threshold of $1,000 or more, and Wisconsin and Texas won’t charge thefts of less than $2,500 as felonies, according to the National Conference of State Legislatures.
Virginia, however, has kept its felony bar at $200 since 1980, when that money had the same buying power as nearly $600 does today. Virginia is tied with New Jersey for having the nation’s lowest felony threshold.”
NJ is one of the only other states that charges a felony for thefts and shopliftings starting at $200. – Criminal Law Attorney Tim Farrow
How to Handle a Police Traffic Stop
This is a straightforward and accurate video describing how to react if you are pulled over by the police during a traffic stop. Knowing what your rights are and what the law is regarding traffic stops and traffic violations is crucial to avoiding legal pitfalls.
Rossen Reports: What are your rights during a traffic stop?
With traffic stops making headlines across the country, TODAY national investigative correspondent Jeff Rossen is in Rochester, New York to demonstrate what you are required to do when the police pull you over, and whether you have the right to record the incident and to refuse to have your car searched.