Home Selling in 08724>Question Details

conly49, Home Owner in Brick, NJ

Wife and I own condo in Fl plus house in NJ. Our pensions are ~ $100k. We plan on downsizing NJ house. Do we get $500k offset. what exit tax?

Asked by conly49, Brick, NJ Mon Aug 12, 2013

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3
It depends on which you've declared as your primary residence.
You do get a tax break on the sale of your primary residence as long as you've lived there 5 or more years when you sell.
Here's info on the so called exit tax that might help.
http://www.nj.com/business/index.ssf/2010/10/nj_exit_tax_has…
As you will see, there is a lot of confusion regarding this, but I have some excellent attorneys who can help.
Web Reference: http://www.dianeglander.com
0 votes Thank Flag Link Mon Aug 12, 2013
Is New Jersey your main residence? Not 100% sure on the exit tax but I would be happy to look into it for you if you would like. doloresulisse@gmail.com
0 votes Thank Flag Link Mon Aug 12, 2013
Yes you are eligible if you lived in your home for 2 out of the last 5 years. Where in NJ is your home located? My email is shaun.dindial@gmail.com
0 votes Thank Flag Link Mon Aug 12, 2013
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