Planning to relocate to another state midyear (Virginia to New Jersey)

[richardR1]

First

While in Virginia I will sell my primary property and use the married exemption to offset capital gains. There will likely be an investment property sale overseas and i hope to offset with capital losses. All of this will be done before moving to New Jersey. When I file taxes for 2025, how do i allocate the income received since 100% of it will be from Virginia not New Jersey?

Second

We plan to buy a house in New Jersey later in the year. How do I claim the commissions, taxes etc since that will all be New Jersey and not Virginia?

Which turbo tax product will be beneficial for us to use as I would prefer not to use an accountant if possible. HELP

[SabrinaD2 · Accepted solution]

Given your situation, TurboTax Premier appears to be suitable as it handles home sales, investments, and multiple state returns.  

Here's a step-by-step approach your 2025 tax filings: All forms below are in incorporated in TurboTax Premier

1. Virginia (Part-Year Resident): Since you'll reside in Virginia for part of the year, you'll file a part-year resident tax return (Form 760PY). Report all money you made while living in Virginia. This includes selling your home and buying property in other countries before you moved.
2. New Jersey (Part-Year Resident): After moving, you'll file a part-year resident return in New Jersey (Form NJ-1040). 
3. When you purchase a home in New Jersey, certain expenses are deductible: see more information here.

For more detailed guidance, refer to TurboTax's article on filing taxes after moving to a different state.

[richardR1]

Does Turbo Tax calculate the amount in each state when you insert dates leaving as well as date started living in new state (could be a week staying in between before starting to live in a state)

[NicolleR1 · Accepted solution]

Yes, TurboTax will ask for the dates of residency of each state, and will allocate income as part-year resident accordingly. You will also have the option to allocate certain types of income in the each State section, if needed.