New Jersey Bulletin Git-5
New Jersey Bulletin GIT-REP
If you’re a non-resident who’s selling real estate in New Jersey, you may have noticed that there’s a new tax law on the books. This law, known as GIT-REP, requires non-resident taxpayers to withhold taxes from the sales proceeds of their real estate in the state. It’s similar to the Bulk Sales Law and is designed to prevent money from leaving the state.
This tax form must be completed by the buyer, grantee, or written representative. The purchaser or grantee must be a resident taxpayer, or a taxpayer who has a permanent place of abode in New Jersey. Otherwise, the taxpayer must be classified as a non-resident taxpayer.