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cwags9082
March 14, 2025
Question

I moved to a CCR in NJ in 2023. My primary home sale closed in 2024 in VA. Is the home sale exempt from NJ tax? I reported it on non-resident VA return.

  • March 14, 2025
  • 1 reply
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    1 reply

    AmyC
    AmyC
    March 17, 2025

    Yes, it is taxable but with credit for the VA tax paid.

     

    Resident Income Tax Return Instructions pages 7 & 8 show taxable and non-taxable income. If you had taxable income from the sale, NJ will give you a credit for double taxed income.

     

    You get credit for the lower state tax on the lowest taxable amount.

    • Each state calculates taxable income differently. 
    • Each state has its own tax rate/ system.
    • You get the lowest of both categories as a tax credit.
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