What is the name of your state? NJ
I sold a house and the closing is supposed to be July 7. In NJ, you must own a house for 2 years or else you have to pay capital gains tax. I bought the house on July 2, 2002. Today my lawyer's office called and said they'd like me to come in this Friday, July 2, to sign the papers but that the actual closing won't take place until July 7 when the HUD statement is signed. I told them I was a little afraid of signing anything on that date because it is exactly 2 years from when I bought the house and I don't want to get hit with the capital gains tax only because my lawyer wants to get me to sign paperwork before the July 4 holiday. The person I spoke to assured me that it doesn't matter when these papers are signed, as long as the HUD statement isn't signed until July 7. Is this true? Should I wait until July 7 to sign everything?
I sold a house and the closing is supposed to be July 7. In NJ, you must own a house for 2 years or else you have to pay capital gains tax. I bought the house on July 2, 2002. Today my lawyer's office called and said they'd like me to come in this Friday, July 2, to sign the papers but that the actual closing won't take place until July 7 when the HUD statement is signed. I told them I was a little afraid of signing anything on that date because it is exactly 2 years from when I bought the house and I don't want to get hit with the capital gains tax only because my lawyer wants to get me to sign paperwork before the July 4 holiday. The person I spoke to assured me that it doesn't matter when these papers are signed, as long as the HUD statement isn't signed until July 7. Is this true? Should I wait until July 7 to sign everything?
