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Bulk sales tax escrow?
by Edward
on January 24, 2020 @07:27
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Sold my multifamily property in New Jersey over 2 months ago.
I'm waiting for the state to release a large sum of money that's being held in escrow for taxes (I owe no property taxes; the escrow was held due to an minor error on the original business filing, which has been corrected). The state says they cannot release the money to me until the NJ state capital gains taxes are paid (also held in escrow by the buyer's attorney).
The state is claiming that the buyer's attorney has not paid the NJ state capital gains taxes (which were put in escrow at closing per NJ bulk sales requirements).
My questions are:
Does anyone know how long the buyer's attorney can sit on this money without releasing it to the state division of taxation?
Why would an attorney not pay out the money immediately?
I've contacted my attorney but is there anything else I can do to expedite this?
Thanks
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