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Old 10-22-2019, 01:10 PM
 
540 posts, read 306,665 times
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investment property


sale price $700K


gain $200K




federal is 15% ; how does NJ taxes the profit? Does the federal gain tax offset it?


Also appreciation recapture tax?
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Old 10-22-2019, 10:36 PM
 
9,593 posts, read 15,223,860 times
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You mean depreciation recapture? That would be if you wrote off depreciation of the property against your income tax, but then sold the property for a gain -- for Federal you then have to pay ordinary income tax on part of the gain. The capital gain in NJ is the same as Federal, but you pay the NJ capital gain at NJ tax rates rather than Federal..
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Old 10-24-2019, 04:54 PM
 
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If you are asking if NJ has favorable rate for long term capital gain, I am pretty sure the answer is no. All income is taxed as short term income. Different type of loss cannot offset gain from other type.

For example, you lost 1k in stock and you have income on interest. You cannot offset your lost in stock with your interest.
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