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Northeastern Pennsylvania Scranton, Wilkes-Barre, Pocono area
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Old 03-31-2014, 08:19 AM
 
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I have been a Pennsylvania resident since 2009. I sold my New Jersey home in 2013. New Jersey withheld 2% at the time of the sale. My question: Is the gain on the sale of the New Jersey home taxable for the Pennsylvania state income tax?
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Old 03-31-2014, 09:18 AM
 
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Yes. It appears that you have not used the NJ home as a principal residence for at least 2 of the last 5 years, since you've resided in PA since 2009. Was the house rented out? If it was did you report rental income on your PA and federal tax forms? A good accountant can come up with enough deductions to reduce the cost basis of your NJ home so that at least your PA tax liability won't be much. Let's hope that you made a good profit on the sale.

Last edited by Wells5; 03-31-2014 at 10:28 AM.. Reason: Misread question
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Old 03-31-2014, 09:58 AM
 
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I did not rent the house. So, I believe you are saying that the gain on the sale of the NJ house need NOT be reported on my PA tax return - is that correct?
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Old 03-31-2014, 10:24 AM
 
3,142 posts, read 2,649,658 times
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No. To repeat, the NJ house was not your principal residence for 2 of the last 5 years so you can't use PA schedule 19 and exclude the gain. You must calculate and report any gain on the sale of the property on PA schedule D line 1 as "house in NJ." You can also deduct any NJ tax that you paid on the sale using PA schedule G-L and schedule GR-20.

You should consult a competent tax preparer. Note: I am not an accountant.

Last edited by Wells5; 03-31-2014 at 10:29 AM.. Reason: misread question again!
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