Good morning,
I'm mainly inquiring whether or not NYS taxes proceeds of a home sale (assuming I'm excluded from federal capital gains tax). I have read the regulations and should be able to exclude up to $250,000 in profit. I will have lived in the home as my primary residence for two years, yearly income around $60,000.
My home is expected to sell for around $250,000, leaving about $125,000 in profit. I have invested (bathroom, kitchen, new roof, HVAC, etc.) about $50,000 making improvements.
Would NYS tax my remaining net profit/proceeds using my current 12% income bracket?
Thanks for the help,
-Alex
