capital gain

Forum|Forum|2 years ago
December 3, 2023
3 replies
0 views

hi, we sold our house in North Carolina. We only lived there for 1 year and 8 months. We did not receive a 1099-s. How will we report our capital gain in North Carolina?

Anonymous_

Level 15

I'll page @NCperson and @SteamTrain

TomD8

Alumni - Champ

Since your North Carolina tax return starts with your federal AGI {adjusted gross income), which includes your capital gain, your capital gain is automatically accounted for with regard to NC.

FYI, NC does not have a separate capital gains tax. Capital gains are taxed as ordinary income.

**Answers are correct to the best of my ability but do not constitute tax or legal advice.

Opus 17

Level 15

Note that if this was your main home, you may qualify for a partial capital gains exclusion if the reason you sold was due to an unforeseeable financial hardship. See publication 523 starting on page 6.

https://www.irs.gov/pub/irs-pdf/p523.pdf

Critter-3

Level 15

Check your closing paperwork carefully ... the 1099-S should be in that packet if you told them that you did not live there for 2 out of the last 5 years and it was your primary residence.