Selling a House in NJ

[uknjboy]

Hi

I'm in the process of selling my primary residence in NJ.

I have lived there as my primary residence since 2004.

Are there any tax implications on selling the house?

[John-H2021]

Hello,

Since you have lived in the home for more then 2 of the last 5 years you will be eligible for the exclusion.

This excludes the up to $250,000 (single) or $500,000 (married filing jointly) from being taxed.

You would take the Sales prices ( price minus fees) minus the basis in your home (cost, fees to purchase home and improvements) to get the capital gain, the deduct the exclusion and if there is anything left that is the amount you would pay capital gains on.

Here is a link with more detailed information https://turbotax.intuit.com/tax-tips/home-ownership/tax-aspects-of-home-ownership-selling-a-home/L6t...