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Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 2846
Experience:  18+ years of experience in tax preparation; 25+ years of experience as a real estate/corporate paralegal.
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I need help to fill out IT-2663 in NY State. I am selling my

Customer Question

I need help to fill out IT-2663 in NY State. I am selling my apt for $850k in Jan 2016, paid 5% commission, $2000 attorney fee, 1.825% transfer tax. Bought the apt for $450k in 2010.
I lived in the apt as primary residence for 20 months before the sale, and recently moved to Seattle for a new job. I am married, filing jointly. I know I qualify a partial capital gain exclusion of $416667 (500000*20/24), but don't know where to put it on IT-2663.
Can you please help me fill out this form?
Submitted: 1 year ago.
Category: Tax
Customer: replied 1 year ago.
I also have $50k depreciation when I used the apt as a rental property.
Customer: replied 1 year ago.
Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call. Let me know if you need more information, or send me the service offer(s) so we can proceed.
Expert:  Barbara replied 1 year ago.

Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

If your apartment will not be sold until January, 2016, you will not report the sale until you file your 2016 tax return in early, 2017. You will be filing your 2015 taxes in early 2016.

As to Form IT-2663, gain or loss is computed in exactly the same manner as on your federal tax return so you will want to prepare your federal return before the IT-2663. I will be happy to walk you through the form to make sure you understand it.

I look forward to hearing from you.

Thank you and best regards,

Barb

Customer: replied 1 year ago.
I am sorry, I am trying to close in 2015. Can you please answer based on a closing in 2015? Thanks
Expert:  Barbara replied 1 year ago.

Thank you for the clarification.

As I mentioned, the gain/loss amount is computed in exactly the same manner as on your federal tax return. You will enter the amount that is subject to capital gains tax on Line 18 of Form IT-2663. For example, if you realize a gain of $50,000 on the sale on your federal return, that amount will be taxed in NY.

Please let me know if you require further information.

Best regards,

Barb

Expert:  Barbara replied 1 year ago.

Just following up with you to see if you have any other questions. If so, please come back to me here at your convenience, and I will be happy to assist you. If not, please take a moment to rate my answer since that is the only way I receive credit for answering you and alerts Just Answer to compensate me for a portion of the fee you previously paid.

Best regards,

Barb

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