I'm a GA resident, sold an inherited house in NYS in 2024. Closing attys filed form IT-2663 reporting the sale with $0 capital gain (basis = sale proceeds). I reported the house sale with on the Federal return in TurboTax, cap gain = $0, and now I've filled out the non-resident NYS return - (this is my first time using TurboTax in many years). The only place I saw sale of inherited property on the NYS side was under the adjustments if different from Fed - this did not apply.
So I'm assuming TurboTax automatically feeds the inherited house sale through to the NYS return?
Also, the federal side is forcing the sale as Box F (not reported to IRS) but there may be a 1099-S filed - it's early & I haven't received one, but closing atty says he gave one to the lending bank & they may file one - does it really matter as long as the info is reported?
Thank you
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Correct- New York starts with the federal AGI and you make indicate any additions or subtractions to the federal income to determine the New York taxable amount. TurboTax pulls the information from the federal return.
The Box F on the 8979 is for Long-term transactions not reported to you on Form 1099-B, so it does not matter if you receive a 1099-S.
Correct- New York starts with the federal AGI and you make indicate any additions or subtractions to the federal income to determine the New York taxable amount. TurboTax pulls the information from the federal return.
The Box F on the 8979 is for Long-term transactions not reported to you on Form 1099-B, so it does not matter if you receive a 1099-S.
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