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Posted by Vic Dura on June 27, 2008, 8:49 am
Please log in for more thread options wrote Re Re: Sale of NYC residence:
>> 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.
>
>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.
Thanks very much Don. That's what I needed to know.
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