Jersey Guy2, Home Buyer in Monmouth County, NJ

want to move to delaware where the taxes are low and no sales tax. Should I make De. my primary residence (also 65 years old) and NJ my secondary?

Asked by Jersey Guy2, Monmouth County, NJ Sat Oct 30, 2010

I'm 65 and collecting SS, and pension. we want to live in De. where the taxes on a new house are only 1K, and here I'm at7K, they don't have sales tax and I could get a further tax break because I'm 65. My wife is just starting to collect a small SS check. Would it be more of a benefit to live in De. as Primary Residence? My daughter wants to live in the house in NJ and pay us. What do you think?

Help the community by answering this question:

Answers

4
Jerseyguy -

Sounds like a good plan!

You have to think about your future and what your best options are! That move sounds great, especially if you rent your current home to your daughter. When the market turns around, then think about your home in NJ and what the best options are for YOU in that situation.

As noted below, sounds like a no brainer!
0 votes Thank Flag Link Mon Nov 1, 2010
JerseyGuy2,

I think your question would be better directed to a tax, financial and/or estate consultant. Most certainly an estate advisor as there will be items that need to be addressed if you have other children.

I might also ask how are u going to pay for the home in Delaware?

Sincerely,
Francesca Patrizio, Broker, ePro, SRES
Francesca@PatrizioRE.com
Web Reference: http://www.PatrizioRE.com
0 votes Thank Flag Link Sun Oct 31, 2010
That sounds like a no brainer, if I was in your situation, Id move to delaware yesterday.
Web Reference: http://www.sjrates.com
0 votes Thank Flag Link Sun Oct 31, 2010
Hi there, I think it's sad that high taxes are driving away New Jersey residents. But such is life and it doesn't look like the taxes will ever stop increasing. As far as your situation, it seems to make good sense. If you could rent your property, whether it's your daughter and tenant, it could provide you with some good income, depending on how much you owe, etc.

If you don't have to sell, then it probably also makes good financial sense to wait until the market stabilizes, but that also depends on which area you live in. Personally, if I was in a similar situation, I would probably not sell, since there is no reason to move up.

Good luck!
0 votes Thank Flag Link Sat Oct 30, 2010
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer