Quote:
Originally Posted by mrich61
You may want to RETHINK becoming a FL resident while you still own a home in NJ.....if and when you decide to sell in NJ with FL as your primary residence you will pay an exit tax to the state of NJ on the profit of your home...THANK GOVERNOR CORZINE FOR THAT ONE!!
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Not sure if this is correct (above comment). For the Federal income tax if you live in the home for any 24 month periods out of the last 60 months (the 60 months are tax years) you will not owe capital gains tax if the NJ home was your principal place of residence for the 24 months. NJ follows the Federal income tax rules. Thus do a little research to make sure if you are or are not taxable in NJ.
Remember you get an ongoing benefit with the homestead exemption in FL and the taxable increased in appraised value is cap.
You will also be paying NJ income tax on all your income if you keep NJ as your residence.
Probably pays to register in FL.