Both 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
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