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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. 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. 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. 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...

Q. Say a couple has owned a vacation home for 20 years. They rented it out for a few years and used it for family only for the following 15 years. They sold their primary home three years ago and the vacation home is now their primary residence. Now they want to sell i...

Q. I live in a condo that my kids paid for and put in a trust. I’m a senior and I live on $881 per month. I pay all the taxes, sewer fees, and homeowners fees in my name even though the tax bill is addressed to the trust. Because I pay all the expenses, am I entitled t...

Q. Can I deduct out-of-state property taxes on a summer-only cottage my New Jersey tax return? TurboTax shows yes, but I’ve seen conflicting information. I just want to do the right thing.— Taxpayer

A. The new tax plan changed the way property taxes can be deducted.

Prop...

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...

The loss of a full property tax deduction could be offset for some taxpayers.  (pixabay.com)

Q. My property taxes are more than $10,000. I've been reading about the changes in tax law and ways to circumvent the loss of the deduction federally. I also learned New Jersey...

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