Tim Honeycutt, Home Buyer in Bloomfield, NJ

Can someone answer some tax questions for NJ.?

Asked by Tim Honeycutt, Bloomfield, NJ Sat Jan 16, 2010

if all goes well, I will be a resident of NJ in the next few months. I will continue to work in NYC but will be moving to Bloomfield in Essex county.

My thinking is that I will be liable for NY State taxes since I will be earning income in NY state, but that I will not be liable for NY City taxes since I will no longer live in the city. Is that correct? I hear there is a seperate form to fill out for NJ.

Additionally what is the homestead rebate program?

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Jeanne Feeni…, Agent, Basking Ridge, NJ
Sun Jan 17, 2010
Hi Tim, I live in NJ and my husband still works in the city. You should definitely check with your accountant, but as we chat about this we think that you pay the city tax b/c you work there and then pay only the net tax to the state - so you pay NJ and it the NJ tax is higher than NYS then you get a some refund from NYS. BUT you MUST check with a tax pro - if you need one, I've got a great resource we've been using since our days living in Carroll Gardens Brooklyn all the way to today - gosh, that is about 20 years, 16+ of which have been in NJ.

Jeanne Feenick
Unwavering Commitment to Service
Search the MLS at http://www.feenick.com
Web Reference:  http://www.feenick.com
0 votes
Gina Chirico, Agent, Fairfield, NJ
Sat Jan 16, 2010

A call to your accountant would be in your best interest to find out about the tax and/or double tax. I do believe, however, you will be taxed by both New York and New Jersey.

As far as the homestead rebate program, "The Homestead Rebate Program provides rebates for homeowners and tenants who occupied their principal residence in New Jersey on October 1, paid property taxes on that dwelling either directly or through rent, and whose gross income for the entire year does not exceed certain limits."

The cutoff date has always been October 1 so assuming for 2009 it stays October 1 then if you were neither a NJ homeowner nor a tenant on October 1, 2009, you will not be eligible for the 2009 homestead rebate. Here is a link for the 2008 rebate program: http://www.state.nj.us/treasury/taxation/homestead/nonsenior…

Hope that information helps about the homestead rebate program. Keep in mind that last year the State reduced the gross income limits so many people who qualified years before, did not qualify last year because their income was above the maximum allowance...unfortunately, I was one of the people who got cut from receiving the rebate.

I hope all goes well with your move and I hope you enjoy living in Bloomfield. I grew up in the neighboring town of Belleville but my husband is from Bloomfield and my in-laws still live there.

Gina Chirico, Sales Associate
Prudential New Jersey Properties
973-715-1158 cell
973-992-6363 ext 116
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Anna M Brocco, Agent, Williston Park, NY
Sat Jan 16, 2010
Why not educate yourself and seek the advice of your/any tax consultant--why kick yourself yourself later realizing due dilligence wasn't done-- the could haves, should haves , didn't do my homework on, becuase one didn't take the the time to seek an expert's advice--no one knows your exact situation so why rely on the "what ifs." After all opinions are just that.............
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Ines De La C…, Agent, Marlton, NJ
Sat Jan 16, 2010
Hello Tim,
If you really want a safe answer you will need a professional in that matter because your specific questions requires an Accountant or an Attorney. Any other person may not be qualified.
Good luck,
Web Reference:  http://www.inesdelacruz.com
0 votes
Pat & Steve…, Agent, Westlake, OH
Sat Jan 16, 2010
You can't rely on an answer posteded on Trulia. You need a CPA &, perhaps, an attorney.
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Phil Lebowitz, Agent, NJ,
Sat Jan 16, 2010
Unless the laws have changed in the past few years, you will still be taxed in NY State and NY City but at a commuters rate. I can't be specific as my accountant always handled it for me when I was still working in both states. Check with your accountant but I am almost certrain nothing has changed.
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Tim Honeycutt, Home Buyer, Bloomfield, NJ
Sat Jan 16, 2010
That most definately is in the future. And let me state a disclaimer at this point. I will not hold anyone to anything they say that is incorrect.
0 votes
Hugo W Meza, Agent, Clifton, NJ
Sat Jan 16, 2010
I dont know if there are any accountants here. I think you defenitely need to refer to a CPA
0 votes
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