The sale of a home may increase your taxable income.
Q. Our primary residence is in Florida and we have owned a New Jersey home since 1999. Our son and his family have been living in it for the last 10 years. Our income is about $108,000, but about $45,000 is non-taxable military disability income, leaving roughly $63,000 as our joint taxable income. We file married filing jointly.
I understand the exit tax and I don’t think there will be a federal capital gains tax if we sell because we are below the $80,000 taxable income maximum, which puts us at zero liability. But what happens for our New Jersey non-resident obligation?On your federal tax obligation, married individuals filing jointly with taxable income of $80,000 pay zero percent on
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