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Old 08-13-2017, 08:41 PM
 
8 posts, read 78,285 times
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We sold our home of 45 years and closed on January 6th of this year (2017) and moved south to Sunny FL where our taxes on our new home dropped from NJ$10,000 to FL$800/yr.

My question is: we had NO NJ INCOME in the 6 days of January that we were still NJ residents. Our sale closed on Jan 6th and we were gone within 5 minutes of the closing.

The gain on our home (before any improvement write-offs over the 45 years) was around $240K.

Do we have to file any 2017 NJ income tax forms due to our home sale on 1/6/17 ?
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Old 08-13-2017, 08:51 PM
 
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Yes. It's not going to be a long form, but you did live in the state for part of the year and will have to file for those 6 days.

You might just want to hire a tax guy this year with the move, the home sale, the assumed home purchase and dealing with two states, it'll be worth the $300 or whatever to wash your hands of all the various bits.
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Old 08-14-2017, 06:23 AM
 
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Yes and check your closing statement your attorney should have withheld tax on the gain from the sale. Since you can claim the exclusion the gain should not be taxable and if you want the withheld money back you need to file
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Old 08-14-2017, 06:26 AM
 
Location: New Jersey/Florida
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Our state government in dodge needs your money. Please send the check in for 240K to us because your property taxes went down. Good luck in the sunny south.
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Old 08-14-2017, 07:13 AM
 
Location: Midwest transplant
2,050 posts, read 5,944,661 times
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Quote:
Originally Posted by jaymoney View Post
Yes. It's not going to be a long form, but you did live in the state for part of the year and will have to file for those 6 days.

You might just want to hire a tax guy this year with the move, the home sale, the assumed home purchase and dealing with two states, it'll be worth the $300 or whatever to wash your hands of all the various bits.
I agree wholeheartedly with this~you may be able to avoid paying taxes because of your age, improvements you made to the home while living there (other than normal maintenance) and you would have paid taxes on the home for the 6 days you did live in the state.

A good CPA in Florida would be very familiar with transfers from other states. Enjoy the sunshine!
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Old 08-17-2017, 10:06 AM
 
8 posts, read 78,285 times
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Quote:
Originally Posted by tom1944 View Post
Yes and check your closing statement your attorney should have withheld tax on the gain from the sale. Since you can claim the exclusion the gain should not be taxable and if you want the withheld money back you need to file

If you are referring to the alleged 2% tax that did not apply (verified by State of NJ). The only tax I paid at the time of sale was the transfer tax which was a few hundred bucks. There was no "gain" tax withheld or required to be withheld since I lived in my home 45 years and sold before i purchased new home.
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Old 08-17-2017, 12:26 PM
 
1,319 posts, read 4,249,425 times
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Quote:
Originally Posted by Anony-Mussss View Post
We sold our home of 45 years and closed on January 6th of this year (2017) and moved south to Sunny FL where our taxes on our new home dropped from NJ$10,000 to FL$800/yr.

My question is: we had NO NJ INCOME in the 6 days of January that we were still NJ residents. Our sale closed on Jan 6th and we were gone within 5 minutes of the closing.

The gain on our home (before any improvement write-offs over the 45 years) was around $240K.

Do we have to file any 2017 NJ income tax forms due to our home sale on 1/6/17 ?
Ask your CPA, if not get a CPA at least for this year. It'll be worth the money considering circumstances.
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Old 08-17-2017, 01:56 PM
 
8 posts, read 78,285 times
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Quote:
Originally Posted by babo111 View Post
Ask your CPA, if not get a CPA at least for this year. It'll be worth the money considering circumstances.

Well, seems there are no capital gains taxes to be paid since NJ allows same $500K deduction on first home sale as Feds do. Since we had no NJ income over those 6 days don't need to pay that either. Guess we just have to fill out forms to get our 2016 property tax rebate.


NJ Division of Taxation - Income Tax - Sale of a Residence
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