Homeowners take notice as you can save a substantial amount of money. Many in South Jersey do not follow up on real estate transfers and NJ Inheritance taxes when a loved one dies which creates title issues that need to be resolved especially when it is a second home. January 15, 2019 is the end of the New Jersey Tax Amnesty Program. For those who have inheritance or estate tax delinquencies, time is short to benefit from these significant amnesty savings.
What NJ Tax Amnesty means for Inheritance and Estate Taxes.
Standard penalties for delinquency on Inheritance and Estate taxes include 5-25% penalty tax due plus an additional 10% interest on the balance.
The NJ Tax Amnesty program waives the penalty and cuts the interest due in half, reducing the entire amount paid to the tax due plus 5% interest. That’s a significant savings for those who qualify.
It’s pretty simple to qualify for the NJ Tax Amnesty program, to do so you must:
If you qualify for and receive amnesty from the state, you would owe the complete balance by January 15, 2019. Unpaid balances would be subject to an additional 5% amnesty penalty. This penalty cannot be waived or abated.
Most likely, you have received a notice [or a few] from the NJ State Division of Taxation by mail, informing you that you are delinquent and the program is available. This notice also contains the instructions to apply for amnesty.
However, if you feel you qualify and have not received a notice from the state, you can either call (609)-292-5033 or contact us and we can walk you through the process.
But remember, you only have until January 15, 2019 to apply for tax amnesty.
Yes, the NJ Tax Amnesty program also provides relief for delinquent income, sales, and corporate business taxes. For more information, visit the NJ Treasury article.
