On Thu, 26 Jun 2008 10:47:45 EDT, "Don Priebe" <priebe[at]iname.comwrote Re Re: Sale of NYC residence:

- quote -

Thanks very much Don. That's what I needed to know.
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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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Don EA in Upstate NY

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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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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >