QUESTION
how much taxes do I have to pay the IRS when sellign a co op in NJ?
Asked on Nov 19th, 2014 on Real Estate - New Jersey
More details to this question:
Just sold a co op apartment in Jersey City, NJ. Do I have to pay taxes? The sale of the property is 200,000.00
1 ANSWER
2 Awards
If it was your primary residence and you are using the proceeeds to buy another primary residence, then you will nt pay taxes. If not, you may owe capital gains tax, but that would be federal not New Jersey.
Answered on Nov 20th, 2014 at 1:14 PM
Diana L. Anderson, Certified Elder Law Attorney This response is not legal advice and does not establish any form of attorney/client relationship