INSTRUCTIONS: NEW JERSEY RETURN OF TANGIBLE PERSONAL PROPERTY USED IN BUSINESS (Form PT-10)

New Jersey local exchange telephone companies as well as telegraph and messenger service businesses may file a PT-10 form seeking an exemption from tax on personal property used in their businesses. This document can be found on the official website of the state of New Jersey.

New Jersey Return Of Tangible Personal Property Used In Business PT-10 Step 1: At the top of the form, enter the municipality and county in which the property is located.

New Jersey Return Of Tangible Personal Property Used In Business PT-10 Step 2: Enter the taxpayer's name and address where indicated on the left. On the right, enter the address of the municipal assessor you are filing with.

New Jersey Return Of Tangible Personal Property Used In Business PT-10 Step 3: In the space below, enter the name and address of someone who can be contacted with questions.

New Jersey Return Of Tangible Personal Property Used In Business PT-10 Step 4: On line one of Schedule A, enter the original cost of all tangible, taxable personal property.

New Jersey Return Of Tangible Personal Property Used In Business PT-10 Step 5: On line two, enter the depreciation reserve associated with this property. Depreciation values must be calculated based on the federal guidelines provided by the IRS. Your municipal assessor may require that you file your federal depreciation schedule along with this return.

New Jersey Return Of Tangible Personal Property Used In Business PT-10 Step 6: Subtract line two from line one to determine the property's net value. Enter this on line three.

New Jersey Return Of Tangible Personal Property Used In Business PT-10 Step 7: Enter any adjustments on line four. You must attach an explanation.

New Jersey Return Of Tangible Personal Property Used In Business PT-10 Step 8: On line five, enter the adjusted net value by subtracting line four from line three or adding it as applicable.

New Jersey Return Of Tangible Personal Property Used In Business PT-10 Step 9: Follow the instructions on line six to determine your property's additional value of depreciable personal property in use. On line seven, give 20% of the original cost of fully depreciated property.

New Jersey Return Of Tangible Personal Property Used In Business PT-10 Step 10: Add lines five, six and seven to determine your property's total net value.