Asked by ericwvv, Cherry Hill, NJ • Tue Oct 23, 2012
My ex wife and I lived in another state and owned two investment properties in NJ. We separated in 2008 and I moved into one property in May 2008 as my residence. We sold the other property in December of 2008 and had the 2% of the sale price reserved for the state as I would guess transfer tax for out of state residents. We divorced officially in 2009. I am just now filing my return for that year and would like to know if I can use the monies that we paid for the tax as out of state residents (even though I was a resident at the point of sale) against the money that I will owe as capital gains when my taxes are filed. I am confused with the exit tax, transfer tax and capital gains tax relationship. Thanks
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