Hi - we sold our parents home LY. It was never rented, it was their primary residence, but it was in the kids names for less than a year.
The property was in NY state, but we live in FL. When the property was sold, we had to write a check to the state of NY for $12K.
2 questions, we have to report it as capital gains - correct? And FL doesn't have state taxes, we don't live in NY. Can we get the taxes back from NY to apply that money to the actual capital gains taxes owed??
TY for any answers..
