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

Help the community by answering this question:


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.
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
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer