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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.

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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. 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. Are active duty military personnel exempt from the 2 percent exit tax when they sell/transfer their former home in New Jersey?

— Seller

A. Your service won't exempt you from the so-called exit tax.

But here’s the thing: the exit tax isn’t actually an extra tax. It’s an...

How you can get back what you pay for the "exit tax."(MichaelKirsch/morguefile.com)

Q. In June 2016 I sold my home in New Jersey while residing in Delaware. The home was purchased in 2004 and we moved in 2007. The "exit tax" withheld $10,000. Can this be reclaimed when...

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