

By Karin Price Mueller NJMoneyHelp.com for NJ.com
My vacation home is now my primary home. What taxes are due when I sell?
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 it and buy a larger home. What are the tax implications? — Homeowner A. There are several issues to consider here. Let’s take care of the easy part of the question first. When you sell your principal residence, y


By Karin Price Mueller NJMoneyHelp.com for NJ.com
I’m moving back to New Jersey. How will my pension be taxed?
Q. I am a former resident of New Jersey and I will be moving back with my wife next year. We are both retired teachers receiving pensions from Pennsylvania, which doesn’t tax pensions. How will New Jersey taxes affect our pensions? I am also collecting Social Security but my wife is not. — Concerned A. Welcome back to New Jersey. Depending on how much income you have, you may not be happy with changes to your tax situation. It’s true that Pennsylvania does not tax pension, IR


By Karin Price Mueller NJMoneyHelp.com for NJ.com
Will my retirement account stop me from getting unemployment benefits?
Q. Due to a workforce reduction, I was terminated by my former employer. Shortly after, I took my retirement account, fully funded by my former employer, in one lump sum and rolled it over to my IRA. Does this impact my eligibility to collect unemployment benefits? — Not working A. We’re sorry to hear about your job. To qualify for New Jersey Unemployment Benefits you must have lost your job through no fault of your own, said Bernie Kiely, a certified financial planner and ce