Capital Gains Tax Services in New Jersey

Yes. If you are a New Jersey resident, all of your capital gains are subject to New Jersey income tax, except gains from the sale of exempt obligations such as US Treasury bonds.

New Jersey has no separate capital gains rate. Gains are taxed at the standard New Jersey income tax rates, which range from 1.4% to 10.75% depending on your total income and filing status.

No. New Jersey does not differentiate between short-term and long-term capital gains. Both are taxed the same way, unlike the federal rules that apply lower rates to long-term gains.

If you sold your primary residence, you may qualify to exclude up to $250,000 of the gain, or $500,000 if you file jointly, as long as you owned and lived in the home for two of the five years before the sale.

There is no age exemption. New Jersey applies the primary-residence exclusion regardless of age, provided you owned and lived in the home for two of the five years before the sale.

Capital gains and losses must be reported in the year they are realized. Losses can offset gains within the same category of income in the year they occur.

You must file a New Jersey non-resident return and report the gain. GTA Accounting Group can assist with that.