A despicable tax if ever there was one! The NJ manison tax is a 1% additional transfer fee on residential property over $1M sales price. it is 1% on each the seller and the buyer - so really 2% - in addition to the normal transfer fee, so just keep on adding it up!
As a transfer fee, it is not currently deductible as a real estate tax. Like other closing costs/fees on a residence, it is not a deductible item. Presumably the seller can apply it to offset his gain (if the other exemptions aren't enough) and the buyer can capitialize it to his basis, possibly avoiding a future gain.
EDIT:
This answer is wrong. The mansion tax is ONLY imposed on the buyer of NJ residential property over $1M -- NOT the seller. The buyer cannot currently deduct the tax; it should be capitalized as part of the basis of the purchased property (along with the other costs of acquisition, e.g. legal fees, recording fees, and such.)
Is an energy efficient air conditioner installed in your home tax deductible
Sales tax is 7% in New Jersey.
No, you can not deduct taxes for an apartment rental. Even if you had to get a new apartment to be closer to a new job, travel and expenses are tax deductible, but not housing.
Tax laws change every year. Check with your accountant.
Where can I download the Nonresident state tax form for New Jersey?
The benefit to a ROTH IRA tax deductible is that it is TAX DEDUCTIBLE. But that does not mean that there are no implications, so you still have to be thorough.
Yes. Tax Preparation does lies under business investment thus, is tax deductible.
Gas tax is an excise tax not a sales tax. It is therefore not deductible for federal income tax purposes.
Not deductible on your federal income tax return.
You can make a tax deductible car donation at donateacar.com
Not, depreciation is not deductible for tax purpose. Because it is not wholly exclusively in production
Insurance for one's personal property such as auto or homeowner's insurance is tax deductible. Other tax deductible insurances are medical and dental insurances.