The Jersey Shore by Karl Hess: December 2011

Capital Gains Tax for Ocean County, New Jersey Home Sellers

Ocean County Homes for Sale Karl HessBoth the federal government and New Jersey provide an exclusion from capital gains tax up to $500,000 profit for the sale of a principal residence by married taxpayers who file jointly. Single filers are entitled to a $250,000 exclusion.

This exclusion may be used as often as every two years if the home-sellers have owned and occupied the property as a principal residence for at least two of the five years before the sale.  In the case of a couple, only one need to have owned the residence, but both must have occupied it for at least two years.

When the home is sold less than the required two years, a portion of the exclusion may be used if the sale is mandated by an unexpected event. In that catagory the IRS includes a job transfer, health reasons, death, divorce or mulitple births.

Sellers should always seek advice from their accountants or attorneys for specific information about thier particular circumstance in regards to Capital Gains Tax for Ocean County, New Jersey Home Sellers

For more information go to: http://www.state.nj.us/treasury/taxation/njit9.shtml

Get a positive, helpful consultant for buying or selling a home in Ocean County:

Ocean County Homes for Sale Karl Hess

 

 609-553-7926

Find Your Dream Home on The Jersey Shore in Ocean County!

www.TheJerseyShoreHomeFinder.com

 

 Licensed in New Jersey.  Keller Williams Shore Properties 

1400 Hooper Ave. Toms River NJ 08753 Phone: 732-797-9001

 

 

 

Comment balloon 0 commentsKarl Hess • December 30 2011 10:56AM
Capital Gains Tax for Ocean County, New Jersey Home Sellers
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