It's possible you won't owe a single penny in tax on the sale.
Karin Price Mueller | NJMoneyHelp.com for NJ.com
“Single filers are exempt from federal capital gains taxes on the first $250,000 of gains and married couples filing jointly are exempt on the first $500,000 of gains,” he said. “This exemption is only allowable only once every two years, and as the seller you must not have sold another home and claimed the exemption within the last two years.”
“Because of the timing of the state tax requirement, this policy has been thought of as being a New Jerseybecause it is paid upon `exiting’ the state,” he said. “However, it is really simply a prepayment of state taxes that you may owe, based on profit from the sale.”
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