Are you a taxpayer interested in transferring your assets or property to beneficiaries or heirs without incurring hefty taxes? Transfer taxes, also referred to as estate and gift taxes, are imposed by state and federal governments when money and other assets are transferred upon death. Filing the appropriate transfer tax form is an important step that must be taken in order to ensure compliance with the law — but the paperwork can seem daunting. In this blog post, we’ll explore what a transfer tax form is, how it works, who has to file one (and when), and where you can find these forms. So let's get started!
Question | Answer |
---|---|
Form Name | Transfer Tax Form |
Form Length | 2 pages |
Fillable? | No |
Fillable fields | 0 |
Avg. time to fill out | 30 sec |
Other names | asset transfer tax declaration, nj bulk sales asset transfer declaration, nj asset transfer tax declaration, how to fill out tax transfer form philadelphia |
|
ASSET TRANSFER |
||
|
TAX DECLARATION |
||
|
P.L 2007, Chapter 100 (A5002) |
||
|
|
N.J.S.A. |
|
New Jersey Division of Taxation |
|
|
Form TTD |
Bulk Transfers |
|
This form may be reproduced |
|
Box 245 |
|
(Please print or type) |
|
Trenton NJ |
|
|
|
Party Information |
|
|
|
Seller’s Name: ________________________________ |
Seller’s FID/EIN_______________________ |
||
Purchaser’s Name: ____________________________ |
ACTUAL Date of Sale _________________ |
||
Business Type (check one) |
|
|
|
] LLC * [ ] Corporation [ |
] Proprietor [ |
] State of Formation ____ |
|
Return type filed to report gain: CBT [ ] |
PART [ ] NJ1040/1041 [ ] |
NJ1040NR [ ] |
TIN __________________ |
* If a gain is declared (Line 9), each intended
Realty Location (if applicable) |
|
|
|
|
|
|
Block(s) [ |
] |
Lot(s) [ |
|
|
] |
|
Street Address [ |
|
|
|
|
] |
|
City [ |
] State [ |
] Zip [ |
|
] |
||
Calculation of Estimated Tax (to nearest dollar) |
See reverse side for specific line instructions. |
|||||
1. |
Consideration / Selling Price |
|
|
1. |
$ |
_ _ _ , _ _ _ , _ _ _ . |
2. |
Settlement Charges (Not to include Mortgage/Loan payoffs) |
2. |
$ |
_ _ _ , _ _ _ , _ _ _ . |
||
3. |
Cost After Depreciation |
|
|
3. |
$ |
_ _ _ , _ _ _ , _ _ _ . |
4. |
Current Year Loss |
|
|
4. |
$ |
_ _ _ , _ _ _ , _ _ _ . |
5. |
NOL Carryover (if allowable) |
|
|
5. |
$ |
_ _ _ , _ _ _ , _ _ _ . |
6. |
IRC Section 1031 Exchange (if applicable) |
|
|
6. |
$ |
_ _ _ , _ _ _ , _ _ _ . |
7. |
Gain (subtract lines 2 through 6 from line 1) |
|
7. |
$ |
_ _ _ , _ _ _ , _ _ _ . |
|
8. Amount of Gain Deferred (if applicable) |
|
|
8. |
$ |
_ _ _ , _ _ _ , _ _ _ . |
|
9. |
Current Year Gain (subtract line 8 from line 7) |
|
9. |
$ |
_ _ _ , _ _ _ , _ _ _ . |
|
10. _____ % Share of Gain if |
10. |
$ |
_ _ _ , _ _ _ , _ _ _ . |
|||
11. Tax Rate from |
11. |
|
% _ _._ _ |
|||
12. Estimated Tax on Gain Due (line 10 multiplied by line 11) |
12. |
$ |
_ _ _ , _ _ _ , _ _ _ . |
Will there be installment proceeds? Yes [ ] No [ ] (if yes, give details on reverse side.)
Taxpayer’s Declaration
I declare that all the information on this declaration is correct. I am aware that if any of the foregoing information provided by me is knowingly false, I am subject to punishment.
Date ____________________ |
Owner/Partner/Member Signature _______________________________________________________ |
|
Print ______________________________________________________________________________ |
|
Title ______________________________________________________________________________ |
(REV |
|
N.J.S.A.
Procedure
The estimated tax on the gain portion of the escrow to be held at closing is initially calculated by multiplying the gross consideration by the tax rate of the taxpayer.
Upon completion of this declaration, submission to and review by the Division, the estimated tax on the gain portion of the escrow may be reduced appropriately.
Upon closing of the transaction, the escrow will be held by the transferee’s attorney and the estimated tax on the gain portion of the escrow will be demanded by the Division to be applied to the appropriate tax type and year. A confirmation of receipt and the application of the estimated tax payment will be sent to the transferor’s attorney.
The taxpayer files their year end business tax return, claims credit for the payment and pays any additional tax due. They may request a refund or credit if an overpayment exists.
Specific Line Instructions for Estimated Tax Calculation
Special Note: Lines 1 through 9 establish gain. Line 10 assigns share.
Line 1: Total sale price or consideration of all assets currently being transferred.
Line 2: Total amount of settlement charges to transferor associated with this transaction.
Line 3: If fully depreciated enter zero.
Line 8: Calculate amount deferred based on installment or short term notes.
Line 9: For NJ1065 filers: If any member/partner is not an individual or if the number of nonresident member/partners exceeds five (5) stop here and attach the most current membership directory. The Division will calculate and communicate the estimated tax for resident filers and/or withholding amount for nonresident filers.
Line 11: Individual tax rates may be found in the most current
Line 12:
•
•
This is the declared amount that the Division will demand from escrow to be applied to the taxpayer’s account(s).
Details of Installment proceeds:
_______________________________________________________________________
_______________________________________________________________________
_______________________________________________________________________
___________________________________________________________________