If a part time NJ resident sells a residence in FL for a gain that was being used to rent to tenants, is that gain taxable for NJ State Income tax?

Asked by Surfermtj, Somerset, NJ Wed Mar 27, 2013

Help the community by answering this question:

+ web reference
Web reference:


Surfermtj’s answer
Surfermtj, Home Buyer, Somerset, NJ
Wed Mar 27, 2013
I know it will definitely be on the Federal return, my question is in regards to whether the gain is taxed on the state level as well, or if were excluded since they are a filing a NJ-1040NR and all of the income is earned outside of NJ
0 votes
Tim Moore, Agent, Kitty Hawk, NC
Wed Mar 27, 2013
I don't give legal or tax advice, but I do give my opinions.

It does not matter where you live or where a property is, if you sell it for a gain there will be cap gains to be paid unless you can reduce them or eliminate them. It would be on the federal tax form for sure since you never lived in it 2 of the last 5 years. Talk to your tax man/woman.
0 votes
Search Advice
Ask our community a question
Home Selling in Somerset Zip Codes

Email me when…

Learn more