Murphy with the pen in hand....

[Regular Guy 264]

18 minutes ago, bzer1 said:

I believe his point is the overall quality of life. Cost of living, freedom, pretty soon sanctuary status. If Murphy gets even half of his stated wish list, it will be 5 times the mess. We're bailing out for all of the reason stated above. If it was only about compliance, I'd be happy to flip him the bird, but it's not, so I'll flip him the bird on my way out. Got to get out while the gettin is good. Although I think my last act as a subject of New Jermany will be to make a donation to one or more of the pending lawsuits. Hopefully they give old Phil "inbred" Murphy an ulcer.

My wife was talking about us moving back to South Dakota after we retire.  We spent a lot of time there when I was on active duty.  Much lower property taxes, lower cost of living, very friendly 2A laws, beautiful part of the country as we were minutes from Mt Rushmore.  The winters can be hell, but it tends to keep a lot of the riff-raff out. The state is the size of PA with less than a million people total.  Nice place to make the retirement dollars stretch further if things don't get any better here.  

[1LtCAP 4,262]

wait'll he puts an exit tax in place.

[T Bill 649]

13 minutes ago, 1LtCAP said:

wait'll he puts an exit tax in place.

Already in place.  Selling property, have to file estimated tax form with payment before new owner can have deed recorded.  MIL just sold last of NJ property past year (Not NJ resident), not only got a 1099 from buyer's lawyer for 2017 income taxes, NJ sent estimated tax payment booklet for 2018,  

[mossburger 406]

People quoting, interpreting, or referencing the 94-04 AWB are both misinforming themselves and others.

Our opponents aren't dumb. They have learned quite a bit in the last 24 years. Places like CA and NY had AWB similar to Fed or NJ. Then they took a look at how people got around it. The "XM-15s" with the pistol grip and welded on brake, etc.

This is why the newer AWB ban all features, i.e. you needing the fish man grips and such. They learned. And they learned again now, seeing the "XM-15" with the "Monster Man" grip on it. Next round, they will concoct a way to try and ban semi auto altogether, or think up some criteria such as overall length, or who knows what else, to get rid of the compliant fish man rifles.

Is that day now? Next week? Next decade? Who knows. But you can't look at '94 AWB as a reference for plans. 

[leadunderpressure 52]

37 minutes ago, T Bill said:

Already in place.  Selling property, have to file estimated tax form with payment before new owner can have deed recorded.  MIL just sold last of NJ property past year (Not NJ resident), not only got a 1099 from buyer's lawyer for 2017 income taxes, NJ sent estimated tax payment booklet for 2018,  

There are ways around this but it requires planning and delays your exit.

[Bob2222 316]

12 hours ago, Regular Guy said:

My wife was talking about us moving back to South Dakota after we retire.  We spent a lot of time there when I was on active duty.  Much lower property taxes, lower cost of living, very friendly 2A laws, beautiful part of the country as we were minutes from Mt Rushmore.  The winters can be hell, but it tends to keep a lot of the riff-raff out. The state is the size of PA with less than a million people total.  Nice place to make the retirement dollars stretch further if things don't get any better here.  

Quote

Pennsylvania is one of only two states to exclude virtually every type of retirement income from taxation according to Kiplinger. Public and private pensions, railroad retirement benefits and all Social Security income are excluded from taxable income for tax purposes within the state.

Quote

Pennsylvania and Mississippi are unique in that they are the only states in the country that exempt all  retirement income, even IRA, and 401(k) distributions.

https://finance.zacks.com/pay-pennsylvania-tax-retired-pension-social-security-7987.html

https://www.thebalance.com/best-states-for-retirees-3193239

Jus' sayin'.

Pennsylvania's death tax is bad (New Jersey's is the worst), but that won't be my problem.

[peacewalker 9]

13 hours ago, MeanGene said:

Ya, but what’s the penalty for non compliance? Will they enforce it like they enforce immigration laws?

Does anyone know what happened to the bill proposed in January about featureless ARs?

This has been one long nightmare.  In the same boat as you, I check this forum every now and then to see if I've become illegal overnight.. such drawn out BS wondering if my already NJ compliant rifle or my mags will make me a criminal suddenly without warning or reimbursement to boot.

[bhunted 887]

16 hours ago, reloaderguy said:

 Why sell. Just don't comply. People in NY and Ct. did the same thing. Just ignore.

You guys that say this all the time and don't understand the whole picture. I said I won't be able to afford to retire here. It's NOT just about guns but it's the last straw.

NJ SUX! 
- We have the highest taxes, insurance rates and people per square mile.
- We have draconian gun laws.
- We have a Nazi for a governor....

That sums it up. People are not moving out just because of guns. It because it's too expensive to live here.
Which is why I said what I did....

[xXxplosive 823]

Permits, Fees, Taxes, Licenses and alike are all tools used here to excercise Control by the authority...............

[bhunted 887]

12 hours ago, T Bill said:

Already in place.  Selling property, have to file estimated tax form with payment before new owner can have deed recorded.  MIL just sold last of NJ property past year (Not NJ resident), not only got a 1099 from buyer's lawyer for 2017 income taxes, NJ sent estimated tax payment booklet for 2018,  

I asked about that and am getting mixed answers. I asked an agent and he asked how long I been in this house...
I told them under my name, over 30 years. Been on this property all my life.
He said it shouldn't affect me. So I'm still baffled. But I will worry about it when I get a contract with an agent.

[1LtCAP 4,262]

3 minutes ago, bhunted said:

I asked about that and am getting mixed answers. I asked an agent and he asked how long I been in this house...
I told them under my name, over 30 years. Been on this property all my life.
He said it shouldn't affect me. So I'm still baffled. But I will worry about it when I get a contract with an agent.

that sounds weird.......

if there really is an exit tax.....i'd venture that selling ones home 6 months to a year before departure, then renting an apt or townhome in the meantime should be a fairly easy way 'round that.

[siderman 1,137]

The exit tax applies to non-residents selling their property. If its your primary its not an issue.

[bhunted 887]

25 minutes ago, siderman said:

The exit tax applies to non-residents selling their property. If its your primary its not an issue.

OK, that makes sense....

[siderman 1,137]

here's a decent article explaining it  http://www.nj.com/business/index.ssf/2016/03/bamboozled_overtaxed_in_nj_heck_yeah_but_the_exit.html

[bhunted 887]

So lets set up a ascenario with ez numbers.

House market value is $275000
I sell it for $260000
I owe 200000
Agent gets the usual 6%
I walk away with $56400 owing nothing else?




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[PK90 3,570]

43 minutes ago, bhunted said:

So lets set up a ascenario with ez numbers.

House market value is $275000
I sell it for $260000
I owe 200000
Agent gets the usual 6%
I walk away with $56400 owing nothing else?

$200,000 Mortgage Company

$15,600 Realtor

$44,400 YOU

ETA: There are other closing costs also, so more than likely you'll pocket $40K and be homeless.

[1LtCAP 4,262]

isn't payoff usually significantly lower than what you currently owe?

[capt14k 2,052]

isn't payoff usually significantly lower than what you currently owe?

No payoff is what you owe. Mortgages are however front loaded. Meaning first few years little comes off the principal. NJ does not allow prepayment penalties. So if you pay off the mortgage before 30 years you are paying significantly less, but the principal number on your monthly mortgage statement is your payoff number. Of course there are other fees on top of this. They will all be on the HUD Closing Statement.

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[Rob0115 1,105]

15 hours ago, leadunderpressure said:

There are ways around this but it requires planning and delays your exit.

The witholding is for estimated income taxes due to the state.  The home sale is not taxed beyond the normal NJ sales tax taken on real estate transaction.  They do a witholding to make sure you don't skip out on your final years payment.  I had none because I had another temporary NJ address, a rental, and used that as my location.  I will pay my 2017 taxes to NJ, like always, and in 2018 I am free of them.  

57 minutes ago, PK90 said:

$200,000 Mortgage Company

$15,600 Realtor

$44,400 YOU

ETA: There are other closing costs also, so more than likely you'll pocket $40K and be homeless.

Negotiate a 4% deal. 

[xXxplosive 823]

How did this become a Real Estate thread.........Murphy is ready to act here in NJ....ya want financial advice, go to a CPA.

[PK90 3,570]

10 minutes ago, xXxplosive said:

How did this become a Real Estate thread.........Murphy is ready to act here in NJ....ya want financial advice, go to a CPA.

Because there are 20 quadzillion Murphy threads 

[Zeke 5,504]

5 minutes ago, PK90 said:

Because there are 20 quadzillion Murphy threads 

http://www.thealmightyguru.com/Pointless/BigNumbers.html

not a number... jus sayen 

[Spawne32 37]

16 hours ago, T Bill said:

Already in place.  Selling property, have to file estimated tax form with payment before new owner can have deed recorded.  MIL just sold last of NJ property past year (Not NJ resident), not only got a 1099 from buyer's lawyer for 2017 income taxes, NJ sent estimated tax payment booklet for 2018,  

If your leaving the state, can they actually go after you for that if you tell them to f themselves?

[Rob0115 1,105]

4 minutes ago, Zeke said:

http://www.thealmightyguru.com/Pointless/BigNumbers.html

not a number... jus sayen 

Quadrillion is and that's close enough.  It's 10^15.  

1 minute ago, Spawne32 said:

If your leaving the state, can they actually go after you for that if you tell them to f themselves?

Believe me there is no exit tax.  If it's an investment property there are taxes anyway.  For all others it's a witholding to make sure you prepare your final NJ tax bill.  It is not a tax on the home sale or for leaving the state.

[Spawne32 37]

3 minutes ago, Rob0115 said:

Quadrillion is and that's close enough.  It's 10^15.  

Believe me there is no exit tax.  If it's an investment property there are taxes anyway.  For all others it's a witholding to make sure you prepare your final NJ tax bill.  It is not a tax on the home sale or for leaving the state.

Yeh looks like your right, seems to be pretty misunderstood. http://www.nj.com/business/index.ssf/2016/03/bamboozled_overtaxed_in_nj_heck_yeah_but_the_exit.html

[Zeke 5,504]

2 minutes ago, Rob0115 said:

Quadrillion is and that's close enough.  It's 10^15.  

Pfft, I expect Tack driving accuracy from @PK90. Not “ close enough “. “Well I hit the target “

[W2MC 1,699]

It also gives the state a year's float on your money...

 

[Spawne32 37]

How much have gun prices skyrocketed since this shooting and talk of legislation? Was trying to get my hands on a CX4 storm and it seems to have jumped in price by a couple hundred.

[bhunted 887]

Negotiate a 4% deal. 

I used worse case scenario. In reality, it will take more time to sell because agents will get less. I want this thing gone when I’m ready.

Rob, you use a mover? What that run ya?


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[PK90 3,570]

7 minutes ago, Spawne32 said:

How much have gun prices skyrocketed since this shooting and talk of legislation? Was trying to get my hands on a CX4 storm and it seems to have jumped in price by a couple hundred.

$660 from https://www.colddeadhands.com/firearms.htm