capital gain

[Tokling]

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_]

I'll page @NCperson and @SteamTrain 

[TomD8]

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.

[Opus 17]

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]

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.