Property being sold in TX prompting Fedaral long term capital tax. Will this causing a corresponding NC income tax on the gain?
North Carolina computes taxable income based on federal adjusted gross income. Since the sale is part of Federal AGI it is included and taxable for NC purposes. However, you should also check with your tax accountant to see if any of the adjustments to AGI on the NC D-400 page 2, line 9 would help you.
Hope this helps.
Mr. Fromm is licensed to practice law in PA. The response herein is not legal advice and does not create an attorney/ client relationship. The response is in the form of legal education and is intended to provide general information about the matter within the question. Oftentimes the question does not include significant and important facts and timelines that if known could significantly change the reply unsuitable. Mr. Fromm strongly advises the questioner to confer with an attorney in their state in order to ensure proper advice is received.