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Get NJ DoT GIT/REP-3 2021-2024

1031 like-kind exchange A nonresident who completes the GIT/REP-3 and claims exemption for a 1031 transaction box 7 must show the value of the like-kind property received. If the transaction includes non-like kind property i.e. money stocks etc the seller must also compete the GIT/REP-1 Nonresident Seller s Tax Declaration show the greater of the that amount. GIT/REP-3 9-2015 State of New Jersey SELLER S RESIDENCY CERTIFICATION/EXEMPTION Please Print or Type SELLER S INFORMATION Name s Current Street Address City Town Post Office Box Zip Code State PROPERTY INFORMATION Block s Lot s Qualifier Street Address Seller s Percentage of Ownership Total Consideration Owner s Share of Consideration Closing Date SELLER S ASSURANCES Check the Appropriate Box Boxes 2 through 14 apply to Residents and Nonresidents 1. An estimated tax payment is required on the 200 000 non-like kind property for nonresidents. PROPERTY A CASH 1 200 000 Signature The seller must sign and date the Seller s Declaration. If the seller has appointed a representative who is signing the Seller s Declaration on their behalf either the Power of Attorney executed by the seller must have been previously recorded or recorded with the deed to which this form is attached or a letter signed by the seller granting authority to the representative to sign this form must be attached. The seller must give the completed GIT/REP-3 to the settlement agent at closing. The county clerk will attach this form to the deed when recording it. Seller is a resident taxpayer individual estate or trust of the State of New Jersey pursuant to the New Jersey Gross Income Tax Act will file a resident gross income tax return and will pay any applicable taxes on any gain or income from the disposition of this property. 2. The real property sold or transferred is used exclusively as a principal residence as defined in 26 U*S* Code section 121. 3. Seller is a mortgagor conveying the mortgaged property to a mortgagee in foreclosure or in a transfer in lieu of foreclosure with no additional consideration* 4. Seller transferor or transferee is an agency or authority of the United States of America an agency or authority of the State of New Jersey the Federal National Mortgage Association the Federal Home Loan Mortgage Corporation the Government National Mortgage Association or a private mortgage insurance company. 5. Seller is not an individual estate or trust and is not required to make an estimated gross income tax payment. 6. The total consideration for the property is 1 000 or less so the seller is not required to make an estimated income tax payment. 7. The gain from the sale is not recognized for federal income tax purposes under 26 U*S* Code section 721 1031 or 1033 CIRCLE THE APPLICABLE SECTION. If the indicated section does not ultimately apply to this transaction the seller acknowledges the obligation to file a New Jersey income tax return for the year of the sale and report the recognized gain* Seller did not receive non-like kind property.

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