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Updated over 7 years ago on . Most recent reply

Chris L.'s profile image
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Chris L.
  • from Triangle NC
  • Member since Oct 5, 2016
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Chris L.'s profile image
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Chris L.
  • from Triangle NC
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Chris L.
  • Triangle NC
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General Landlording & Rental Properties

Selling a rental that is in an LLC in NJ. Bulk sales notice?

Chris L.
  • Triangle NC
Posted

I reside in NC, but my rental property is in NJ and in a NJ LLC. I am going to sell my rental and I am wondering if I will have to pay the Bulk Sales Notice or the Exit tax. Can someone please explain the bulk sales notice to me and how that works and also whether or not I will have to pay the exit tax if I am already paying the bulk sales notice.

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Jessica Zolotorofe
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Jessica Zolotorofe
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Jessica Zolotorofe
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  • New Jersey
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Jessica Zolotorofe
  • Attorney
  • New Jersey
Replied

a lawyer holds it or a title company, so it's safe. If you do a 1031 you file an ATTD form. You would have to know more than or around 10 days before you sell anyway because you have to have a QI set up your 1031 account before you close. 

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