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CGCPA
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how do i figure the transfer tax if the deed is subject to

Customer Question

how do i figure the transfer tax if the deed is subject to a divorce which is already 7 years old
Submitted: 3 years ago.
Category: Tax
Expert:  CGCPA replied 3 years ago.

Welcome to Just Answer. I am here to help you resolve your tax and finance concerns. Please feel free to ask anytime you need extra help.

 

I did some research for you and would like to point you to a web page of the state where you can find this and study it yourself. The web page is www.state.nj.us/treasury/taxation/lpt/rtffaqs.shtml

 

You will notice, part way down the page the following:

 

Q. My client was divorced many years ago. He is deeding his one-half interest in the property to his former wife for $8,000 and an original mortgage of $200,000. Is this transaction exempt as "In specific performance of a final judgment"?

A. No. The mere incorporation of the terms of a separation agreement into a judgment of divorce does not alter the "essential consensual character" of the agreement (Carlson v. Carlsen, 72 N.J. 363, 371, 1977). Thus, for the purposes of the Realty Transfer fee law, "In specific performance of a final judgment" may not be used as an exemption. This exemption may be used when the judge orders that the transfer be made in accordance with his or her rulings. In this instance, the Realty Transfer Fee would be calculated on $8,000 plus one-half of the remaining balance of the mortgage.

 

This indicates at least a partial exemption is due you. If the transfer had been made within 90 days of the divorce decree the exemption from the tax would have been total. However, if you are paying nothing to the former spouse and assuming no mortgage the sales price will be zero and so will the tax.

 

If you need additional information, please feel free to ask.

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