Sale of NYC residence

Jun 26, 2008 2 Replies
V

Hello,



I'm trying to help my mentally disabled brother prepare for his 2008 taxes. He is selling his house (lived in it for 50-years) and moving to an apartment. The house has gotten to be too much for him to handle.



Does NY/NYC have an exclusion on the sale of a personal residence similar to the $250k Fed exclusion? I've looked in the index of the



2007 IT-201 instructions and have found no relevant entries under Home, Sale, Capital, Gains or Residence. I'm not a NY resident, so I don't know much about it.

What forms/instructions would be used for the sale of a personal residence?



Thanks


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D

The good news ... New York conforms to the Federal. The IT-201 form starts by asking for the federal income numbers from the front of your 1040. If you had any federal capital gains they would have appeared on the federal

1040 line 13 and be copied directly over to the IT-201 line 7. So any personal residence exclusion that was used in calculating federal capital gains applies to NY as well.

The bad news ... New York does not have a preferential tax rate for capital gains. So if the $250K exclusion wasn't enough to wipe out all of the gain, you'll pay tax on the remainder at the full rate.

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On Thu, 26 Jun 2008 10:47:45 EDT, "Don Priebe" wrote Re Re: Sale of NYC residence:

Thanks very much Don. That's what I needed to know.

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