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Can I deduct out-of-state property taxes on my N.J. return?

Can I deduct out-of-state property taxes on my N.J. return?

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. Property tax is deductible on all homes for federal purposes, said Bernie Kiely, a certified financial planner and certified public accountant with Kiely Capital Management in Morristown. But now, they are subject

Are active duty military personnel exempt from the exit tax?

Are active duty military personnel exempt from the exit tax?

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 estimated tax payment. New Jersey residents who sell a home and maintain New Jersey residency file form GIT/REP-3 Seller’s Residency Certification/Exemption, said Bernie Kiely, a certified financial planner

How long should I keep paperwork from my deceased relatives?

How long should I keep paperwork from my deceased relatives?

Q. My dad died in 2011 and my mother died in 2015. Do I need to keep Social Security cards, birth, death, marriage and baptism certificates? What about insurance papers? I also have personal papers, like the naturalization papers of my grandparents. What do I need to keep?— Organizing A. It’s great that you want to organize your financial records. Your recordkeeping system doesn’t need to be fancy, and there are some items you can toss. Here’s what you should know. Certain fi

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Is the stimulus check a loan? Will I owe taxes on my stimulus payment?

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What to do with 401(k) right now? Should you change investments as stocks plunge amid coronavirus fe

What to do with 401(k) right now? Should you change investments as stocks plunge amid coronavirus fe

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