Selling a rental that is in an LLC in NJ. Bulk sales notice?

[Chris L.]

I reside in NC, but my rental property is in NJ and in a NJ LLC. I am going to sell my rental and I am wondering if I will have to pay the Bulk Sales Notice or the Exit tax. Can someone please explain the bulk sales notice to me and how that works and also whether or not I will have to pay the exit tax if I am already paying the bulk sales notice.

[Jessica Zolotorofe]

a lawyer holds it or a title company, so it's safe. If you do a 1031 you file an ATTD form. You would have to know more than or around 10 days before you sell anyway because you have to have a QI set up your 1031 account before you close.