Recent NY home sale/NC home purchase and move leaving me clueless

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jwhitin1
jwhitin1 Member Posts: 2 Newcomer
edited January 15 in State Filing

Sold my upstate NY home in June, 2023, and purchased a new home in NC in August, 2023. Clueless what my taxes will look like this year. How complicated? How much more/less? What specific forms/data/general info should I be collecting now?

Did I mention "clueless"?

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  • AlexO
    AlexO FreeTaxUSA Agent Posts: 74
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    Hello, jwhitin1!

    I am glad you reached out!

    It sounds like this was the sale of your main home, correct? If so, if you lived and owned the home for 2 of the last 5 years, you may qualify for an exclusion and thus may not owe any tax on the sale of your home. For more information, see the IRS link below:

    https://www.irs.gov/taxtopics/tc701

    For the sale of your home, you'll want to keep records of your selling expenses and records of the purchase price of your new home.

    If you have income when you were a resident of both NYS and NC, you will likely need to file both a NYS and NC tax return.

    Our software can prepare and file both returns for you.

    Let me know if you have any follow-up questions or concerns!

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  • jwhitin1
    jwhitin1 Member Posts: 2 Newcomer
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    Thanks very much AlexO. Greatly appreciate the info. Not dreading this tax season quite so much any more.🙂