Q: If you cosign for a mortgage in NJ and make it your primary residence, what are tax implications if you live in CA?
If you cosign for a mortgage in NJ and state that it is your primary residence, what are the tax implications if you move back to CA? How would you file your tax return considering you had two primary residences (nonconcurrently) that same year?
A: You should ask your question to a cpa not a lawyer if you want to make sure you get the right answer..
A:
It sounds like you are stating that you indicated that the NJ home was your primary residence on the mortgage application for the home. There may be special restrictions dealing with the mortgage or other home purchase financing specifying the amount of time the home had to be your primary residence, but this would not change things for tax purposes.
For income tax purposes, it sounds like you would have been a part-year resident of NJ and a part-year resident of CA. When you moved to CA intending to remain there indefinitely, you became a resident of CA for tax purposes and ceased being a resident of NJ. The exact day that your residency changed can depend on certain factors that your tax professional should be able to help you with when you go to file your return.
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