Hello,
My son and his wife were married in 2021. She previously owned a property from 2018 until March 2021 at which point she sold the property and they moved in with us prior to the wedding in July. The sale netted about $40K in proceeds. They subsequently used the proceeds of the sale, as well as their own savings, and bought a new home in October 2021. I assume it is in their best interest to file MFJ but how does NJ handle the sale and subsequent purchase of the homes from a tax perspective? They are using TurboTax and it appears that they will owe the state approx $1500. I can't help but think that they are being taxed twice. Also, are you aware of any good resources covering these situations?
Many thanks!!
Hanemen
