Levine, Jacobs & Company, LLC, Member Offers Insight On Exit Tax
Michael H. Karu, CPA/CFF quoted on NJ.com.
- Newark, NJ (1888PressRelease) December 18, 2020 - Michael H. Karu, CPA/CFF, Senior Member, Levine, Jacobs & Company, LLC., was recently featured on NJMoneyHelp.com where he answered the question: “I’m a Florida resident now. Will I owe the exit tax on my N.J home?”
“On home sales, this tax is withheld based on the sale price of a home, but it’s not an extra tax. Instead, it’s an estimated tax that New Jersey withholds to make sure people who leave the state file their final tax returns.” Karu stated.
Karu further explains the types of taxes a person would need to pay once they move out of New Jersey and become a resident of a new state. “Once you are truly a resident of a state other than New Jersey, you would only pay New Jersey gross income tax on income earned in New Jersey or sourced in New Jersey, such as rental income. The sale of your personal residence would only have tax consequences if the gain exceeded the statutory limit of $250,000 per spouse.”
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To speak with and/or set up an interview with Michael H. Karu, please contact Amy Delman, Amy Delman Public Relations, LLC, 201.563.4614 or amydelmanpr ( @ ) verizon dot net dot
Michael H. Karu, CPA/CFF, is a member of Levine, Jacobs & Company, LLC, a Livingston-based accounting and consulting firm. He is qualified by the Superior Court of New Jersey, Family Part, as an expert witness and as an authority on business valuations, specifically for closely held or family-owned businesses. Additionally, he is a Certified Divorce Mediator and is Certified in Financial Forensics.
Karu received his B.S. degree in Business Administration from The Ohio State University and holds professional memberships in the American Institute of Certified Public Accountants, the AICPA Tax Division and the AICPA Business Valuation, Forensics and Litigation Services Section, as well as the NJ State Society of CPAs. Karu is a published author of numerous articles seen in trade and consumer publications and has been a guest on radio and television shows.
Levine, Jacobs & Company, L.L.C. maintains memberships in the American Institute of Certified Public Accountants and the New Jersey Society of Certified Public Accountants. The firm prides itself on its teamwork abilities where “every account receives the talent and expertise of the whole firm.”
Media Contact:
Amy Delman
Amy Delman Public Relations, LLC
201.563.4614
amydelmanpr ( @ ) verizon dot net
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