DISCLOSURE

CONNECT WITH US:

  • facebook-square
  • linkedin-square

Phone: 973-455-1894 | 51 Dumont Place, Morristown, NJ 07960 | Get directions!

Kiely Capital Management offers financial planning and investment advice. Serving Central and Northern New Jersey, Yvonne and Bernard (Bernie) Kiely provide over 25 years of experience offering discretionary asset management, retirement planning and income tax preparation. KCM is registered with the State of New Jersey as a Registered Investment Advisor.

 

“The only thing we sell is good advice.”

©2018 Kiely Capital Management Inc. All rights reserved.

Website Design by VIP Solutions.biz

Q. I have a 401(k) and several IRAs. Next year, I’ll have to start taking Required Minimum Distributions (RMDs). Do I have to take an RMD from each account?

— Planning ahead

A. Here’s a way you can make your life much easier.

First, the background.

The owner of a 401(k) pl...

Q. I live full-time in New Jersey and I also own a Virginia townhouse in a retirement community. I rent out the townhouse by the year. I plan to sell the New Jersey home and move to Virginia all in the same month, but it will take me a few months to transfer my residen...

Q. My wife and I bought a condo in Jersey City in 2007. We moved from New Jersey in 2011 and don't file in the state, but we maintained the property for rent. We are finally selling it. Is there a way to avoid the exit tax? The gains on the sale are modest at $29,000....

Q. My wife and I are becoming Florida residents this month - October. For the purposes of our 2019 New Jersey income tax return, can we claim only 10 months of our income in New Jersey rather than 12 months?

— Getting out

A. Congrats on the move.

You’re going to have to d...

Q. How are proceeds from the sale of Qualified Small Business Stock (QSBS) taxed in New Jersey?

— Investor

A. Changes could be coming to how this kind of stock is taxed in New Jersey.

First, some background.

Internal Revenue Code Section 1202, also known as the “Small Busi...

Q. I am interested in buying a vacation home abroad. Can the property be considered part of a retirement portfolio such as buying it with an IRA. I also want to avoid having the money used to be counted as taxable income. Are there any tax breaks available to finance t...

Q. Are we Bamboozled when it comes to Social Security taxation? Paychecks are net amounts after various deductions, one of which is for Social Security. Income taxes are based on the gross earnings before Social Security deductions, therefore the money that was deducte...

Q. I’m a married New Jersey resident who has owned a house for 40 years but five years ago bought a home in Florida. We’re thinking of changing our residency to Florida. If in two years as non-residents we sell our New Jersey home, will we have to pay the exit tax?

— Co...

Q. I was honorably discharged from the New Jersey Army National Guard, but the state said I’m not eligible for the veteran’s exemption. Why?

— Served with pride

A. It may not seem like a fair answer, but the state sees your service differently.

As a member of the National...

Q. My husband is a Vietnam War veteran. Of course he gets the tiny $250 tax reduction since 1980. How can it be only $250 after 49 years? This is an affront to our military veterans. Can’t we do better?

— Proud wife

A. Thanks to your husband for his service.

There are act...

Please reload

Featured Posts

I'm busy working on my blog posts. Watch this space!

Please reload

Archive
Please reload

Follow Us
  • Facebook Basic Square