Levine, Jacobs & Company, LLC, Member Offers Tax Advice After Selling Vacation Home
Michael Karu, CPA/CFF quoted in personal finance article.
- Newark, NJ (1888PressRelease) July 09, 2022 - Michael H. Karu, CPA/CFF, Member, Levine, Jacobs & Company, LLC., was highlighted on NJMoneyHelp.com and NJ.com where he clarified how taxes on the sale of a vacation home are rendered.
Karu stated, “When you sell real estate that has been used for rental purposes or has not been your primary residence for two of the past five years, the transaction is taxable at both the federal and state levels. He further elaborates, “To ensure they get paid, both the IRS and State of New Jersey require payment be withheld at closing. The tax is calculated based on the net profit on the sale. You would calculate the net profit on the sale by accounting for expenses, such as capital improvements, costs for a real estate agent and closing attorney and other items”
To read the article, please click here.
To speak with and/or set up an interview with Michael Karu, please contact Amy Delman, Amy Delman Public Relations, LLC, 201.563.4614 or amydelmanpr ( @ ) verizon dot net dot
Michael H. Karu, CPA/CFF, is a member of Levine, Jacobs & Company, LLC, a Livingston-based accounting and consulting firm. He is qualified by the Superior Court of New Jersey, Family Part, as an expert witness and as an authority on business valuations, specifically for closely held or family-owned businesses. Additionally, he is a Certified Divorce Mediator and is Certified in Financial Forensics.
Karu received his B.S. degree in Business Administration from The Ohio State University and holds professional memberships in the American Institute of Certified Public Accountants, the AICPA Tax Division and the AICPA Business Valuation, Forensics and Litigation Services Section, as well as the NJ State Society of CPAs. Karu is a published author of numerous articles seen in trade and consumer publications and has been a guest on radio and television shows.
Levine, Jacobs & Company, L.L.C. maintains memberships in the American Institute of Certified Public Accountants and the New Jersey Society of Certified Public Accountants. The firm prides itself on its teamwork abilities where “every account receives the talent and expertise of the whole firm.”
Media Contact:
Amy Delman
Amy Delman Public Relations, LLC
201.563.4614
amydelmanpr ( @ ) verizon dot net
###
space
space
Satisfied Users & 
Approved Press Releases
Print
Email
Report Spam