
Cathy Marshall
Do I have to pay the exit tax after selling house at a loss?
By Karin Price Mueller | NJMoneyHelp.com for NJ.com Q. I am selling a house in New Jersey which was bought in 2004 at the price of $780,000. I paid off the full mortgage. The house has been rented out for six years, and it just sold for $755,000. I was directed to pay a non-resident tax of $15,000. Do I have to pay that given that I sold the house at a $25,000 loss? — Seller A. The exit tax isn’t a separate tax, but instead it’s an estimated tax paid on the sale of a home. Th

Cathy Marshall
What happens to taxes after I’m added to a bank account?
By Karin Price Mueller | NJMoneyHelp.com for NJ.com Q. I consigned on an apartment for a friend. She then added me to her bank account in case something happens and she can’t pay so I would have access to her accounts in order to pay her rent. Will this affect my taxes at the end of the year if it shows on my account? We use the same bank. — Concerned A. It’s kind of you to be there to help your friend, but there are consequences to consider. When you cosign a lease or a loan