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 Dec 3, 2023 6:14:39 AM

capital gain

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?

0 4 518
4 Replies
Level 15
Dec 3, 2023 7:31:03 AM

I'll page @NCperson and @SteamTrain 

Level 15
Dec 3, 2023 8:35:18 AM

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.

Level 15
Dec 3, 2023 9:14:25 AM

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

Level 15
Dec 3, 2023 10:11:46 AM

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.