Access Wealth advisor Leo Chubinishvili, CFP®, was recently featured in NJMoneyHelp, addressing a key question for homeowners: When does capital gains tax apply when selling a condo in New Jersey?
The article focuses on how capital gains are calculated and when taxes may be owed. In general, the difference between your purchase price and sale price—after adjustments—determines your gain. While some sellers may qualify for exclusions on the sale of a primary residence, those rules don’t apply in every situation, especially if the property was used as a second home or investment.
Leo also discusses the New Jersey non-resident tax, ensuring the state collects any capital gains due. Without careful planning, sellers may face a larger tax bill than expected.
Read the full article on NJMoneyHelp: If I Sell My N.J. Condo, Will I Owe Capital Gains Tax?
What This Means for You
If you’re considering selling a condo or other property, it may be worth speaking with a financial advisor to learn how capital gains tax could apply. Small differences, such as timing, income levels, residency status, or how the property was used, can have a meaningful impact on the outcome.
Evaluating your real estate transactions through a financial planning lens can help you make more informed decisions and avoid surprises at tax time.
Learn more about Leo and his approach to financial planning and tax planning.
