Get Asset Transfer Tax Declaration Fillable Form

Filling out the Asset Transfer Tax Declaration Fillable Form online is a critical step for reporting tax-related information for asset transfers in New Jersey. This guide will walk you through each section of the form, ensuring that you complete it accurately and efficiently.

Follow the steps to successfully complete your form online.

1. Click ‘Get Form’ button to obtain the Asset Transfer Tax Declaration Fillable Form and open it for editing.
2. Enter the seller's name in the designated field to identify the party transferring the asset.
3. Fill in the seller's Federal Identification Number or Employer Identification Number (FID/EIN) to provide necessary tax identification.
4. Input the purchaser’s name in the corresponding field, which identifies the party receiving the asset.
5. Select the business type by checking the appropriate box among the given options, such as S-Corporation, Partnership, LLC, Corporation, or Proprietor.
6. Indicate the state of formation in the provided section to clarify jurisdiction.
7. Choose the return type that will be filed to report gain by checking the relevant box: CBT, PART, NJ1040, or NJ1040NR. Provide SS# if applicable.
8. Specify the property location by entering the block and lot numbers, street address, city, state, and ZIP code in the respective fields.
9. In the calculation of estimated tax section, enter the consideration or purchase price in line 1, and follow with settlement charges in line 2, cost after depreciation, current year loss, and no-loss carryover in lines 3 through 5.
10. If applicable, record any IRC Section 1031 Exchange information in line 6.
11. Calculate the gain in line 7 by subtracting lines 2 through 6 from line 1 and specified amounts thereafter in lines 8 and 9.
12. Follow through the calculation of shares and tax rates in lines 10 and 11.
13. Complete line 12 by determining the estimated tax on gain due.
14. Indicate whether there will be installment proceeds by checking 'Yes' or 'No' and providing additional details if necessary.
15. Finally, declare that all information is correct by signing, printing your name, and entering your title.

Complete your forms online with confidence and ensure your assets are accurately reported.