Category Archives: Real Estate
Capital Gains Tax Exclusion on Sale of Primary Residence — Married vs. Single Sellers; Ownership Implications When Only One Spouse Is on Title
Avoiding Capital Gains on the Sale of Your Primary Residence When you sell your primary residence, the IRS offers a generous tax benefit: a capital gains exclusion of up to $250,000 per person. That means most married couples can exclude up to $500,000 of gain on the sale—potentially avoiding capital gains tax altogether. But there […]
Senior Freeze (Property Tax Reimbursement)
What is Senior Freeze, and who should apply? The New Jersey Senior Freeze program provides property tax or mobile home site fee reimbursements to eligible seniors and disabled persons for their primary residences. The program qualifications concern home ownership status, property tax increases, total income, and age or disability status. To see the full list […]
New Jersey Wants YOU to Stay!
Our state recognizes that it is expensive to live anywhere. It is especially difficult as people age and live on fixed incomes. But New Jersey wants us to stay. Therefore, they have created programs to help with property taxes and make living in New Jersey more affordable. While these programs have eligibility requirements, they are […]
How to Prepare for the Sunset of the High Federal Estate Tax Exemption
The federal estate and gift tax exemption allows individuals to give away money or assets during their lifetime or at death tax-free up to a threshold amount, which since 2018 has stood at $13.61 million per person or $27.22 million for married couples. Since less than 0.1 percent of estates paid any estate tax in […]
Tips for Keeping Your Home Purchase on Track
Purchasing a home is an exciting and significant milestone, especially when it’s your first. However, home-buying can be complex and can involve pitfalls that can delay or derail the transaction’s closing. As a buyer, you have certain contractual obligations to fulfill, and there are other steps you can take to help make the closing occur […]
