Legal Question in Real Estate Law in New Jersey

First of all is this your principal residence . If it is the first 250000 for an individual or the first 500000 for a married couple is excluded. If this is an investment property the rules change. I suggest you retain an attorney such as myself to explain the rukes to you.

I agree with Larry, but add the language that the amounts used refer to the profit, if any, on the sale, not the selling price. The confusion exists in the recording of the Deed, on whether at the time of closing you are living within or outside the State. If you are not a resident at the time of closing, you will be subject to an estimated tax based upon the sales price, but can file for an immediate refund if the transaction is not taxable (see Larry's and my comments). If you are a resident, there will be no immediate tax at the time of closing, but there may be a tax down to road, depending upon your profit on the sale. This is a response to an Internet question and the reply is not intended to be legal adviuce or as creating an attorney-client relationship. The reply is based upon the facts presented. If the facts differ, or there are relevent missing facts, the reply could differ from that presented.