Cooperative Apartment

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  • Brian EA
    Senior Member
    • Dec 2005
    • 788

    #1

    Cooperative Apartment

    Taxpayer purchased a Cooperative apartment in New Jersey and used it as a second home during the summer months. Her primary residence is in Florida.
    The apartment was purchased in 2016 and sold in 2025. Based on the cost and selling price, taxpayer realized a gain of 20K.
    Since it was not her primary residence she cannot use the 121 exclusion. The apartment was never rented.
    Do I use Form 4797 to report the sale, and if so where do I insert the property's address so that New jersey would get a share of the taxes. On the flip side do I have to file a New Jersey state tax return?
    Thanks
    Brian
    Everybody should pay his income tax with a smile. I tried it, but they wanted cash
  • RWG1950
    Senior Member
    • Nov 2017
    • 491

    #2
    I would put the LCTG on schedule "D" and file a New Jersey non-resident return for this amount of income - assuming taxpayer has no other NJ income source.

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    • Brian EA
      Senior Member
      • Dec 2005
      • 788

      #3
      Thanks for your response.
      Everybody should pay his income tax with a smile. I tried it, but they wanted cash

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