Selling Home In NY Next Year

[AugustRush1993]

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

[Bsch4477]

The capital gains exclusion applies to NYC so you would owe no tax. If you don’t receive form 1099-S you don’t have to report the sale at all on your tax returns.