Sales Tax on New Jersey Short Term Rentals

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Sales Tax on New Jersey Short Term Rentals

New Jersey landlords, especially those down the Jersey Shore, are impacted by a sales tax on short term rentals.  New Jersey uses taxes to boost revenues, and the short term rental tax is just another tool in the taxman's box.

Here are two links you might (or might not) find helpful in understand which categories of owners are affected by the tax.

The first is from the CPA firm of Chris Whalen in Red Bank, New Jersey.  The second is from the State of New Jersey.

Tax Memo from Chris Whalen, CPA

New Jersey Tax Bulletin TB-81R.

For your real estate purchase or mortgage refinance or

if you have questions about what you see here, contact

Stephen M. Flatow, Esq.

Vested Land Services LLC

165 Passaic Avenue, Suite 101

Fairfield, NJ 07004

1500 Allaire Avenue, Suite 101
Ocean, NJ 07712

Tel 973-808-6130 - Fax 973-227-0645

E-mail sflatow@vested.com

@vestedland

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N.Y. to collect sales tax on abstracts of title. Will N.J. follow?

The New York State Department of Taxation and Finance has announced that it has changed its policy on title abstracts – they're now taxable when done by a title agent.

You can read the determination on page 4 of the memorandum TSB-M-10(7)S, Sales Tax, July 19, 2010, Sales and Compensating Use Tax Treatment of Certain Information Services, issued by the Office of Tax Policy Analysis Taxpayer Guidance Division.

My take? Well, if the taxation folks in New York think it will work, then the taxation folks in New Jersey will most likely give it a shot.

For your next title order or if you have questions about what you see here,

contact Stephen M. Flatow

Vested Title Inc.

648 Newark Avenue, P.O. Box 6453,

Jersey City, NJ 07306

Tel 201-656-9220 - Fax 201-656-4506

E-mail vti@vested.com - www.vested.com

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