Access Wealth Senior Advisor Howard Milove was recently featured in NJMoneyHelp, discussing the taxes homeowners may owe when selling a home in New Jersey.
In the article, Howard explains that many homeowners may qualify for the federal capital gains exclusion on the sale of a primary residence. He notes that single filers may exclude up to $250,000 in gains, while married couples filing jointly may exclude up to $500,000, provided certain ownership and residency requirements are met.
Howard also points out that you may be able to deduct capital improvements from your profit on the sale.
Read the full article on NJMoneyHelp: What Tax Will I Owe When I Sell My New Jersey Home?
If you’re planning to sell a home and have questions about the potential tax impact, feel free to contact Howard to discuss your situation and financial goals.
