Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Jun 4, 2019 2:22:59 PM

If I sell a second home in North Carolina and have a net gain does it need to be reported on a NC state return

I sold a second home in North Carolina that I owned for 2 years.  I had a net profit on the sale of 10000. Does this need to be reported on a NC state return

0 1 5076
1 Best answer
Level 15
Jun 4, 2019 2:23:00 PM

Yes.  A capital gain on a second home is taxable by the state in which the property was located, whether you are a resident of that state or not.  In fact, many states require a non-resident seller to make an estimated state tax payment at the time of closing.

1 Replies
Level 15
Jun 4, 2019 2:23:00 PM

Yes.  A capital gain on a second home is taxable by the state in which the property was located, whether you are a resident of that state or not.  In fact, many states require a non-resident seller to make an estimated state tax payment at the time of closing.