- Michael Karu, CPA/CFF quoted on NJ.com -
Online PR News – 05-February-2020 – Livingston, NJ – Michael H. Karu, CPA/CFF, Member, Levine, Jacobs & Company, LLC., was highlighted on NJMoneyHelp.com where he answered the question “I have been a resident of Florida for the past 16 years and have just sold a two-family family house in New Jersey. Do I need to file anything other than an A3128 for a refund? We did make a substantial profit. What should I expect?”
“Unless the house was used solely as a personal residence and falls within the guidelines for the sale of a personal residence — which is unlikely given that you’ve lived in Florida for 16 years — you should expect a tax bill,” Karu stated.
He elaborates further, “In order for the State of New Jersey to be sure that it gets paid taxes are withheld at closing. While people call it an ‘exit tax,’ the reality is that the payment is simply an estimated tax payment against the tax that gets calculated when the non-resident income tax return is filed.”
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Michael H. Karu, CPA/CFF, is a member of Levine, Jacobs & Company, LLC, a Livingston-based accounting and consulting firm. He is qualified by the Superior Court of New Jersey, Family Part, as an expert witness and as an authority on business valuations, specifically for closely held or family-owned businesses. Additionally, he is a Certified Divorce Mediator and is Certified in Financial Forensics.
Karu received his B.S. degree in Business Administration from The Ohio State University and holds professional memberships in the American Institute of Certified Public Accountants, the AICPA Tax Division and the AICPA Business Valuation, Forensics and Litigation Services Section, as well as the NJ State Society of CPAs. Karu is a published author of numerous articles seen in trade and consumer publications and has been a guest on radio and television shows.
Levine, Jacobs & Company, L.L.C. maintains memberships in the American Institute of Certified Public Accountants and the New Jersey Society of Certified Public Accountants. The firm prides itself on its teamwork abilities where “every account receives the talent and expertise of the whole firm.”