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  • 1.  surviving spouse sect. 121 exclusion for NYS - sale of principal residence

    Posted 08-14-2023 12:33 PM

    Sect. 121 exclusion allows a surviving spouse to exclude 500K of gain if house is sold within 2 years of death of spouse and all other requirements are met.  Does NYS follow?  Lacerte is only allowing a 250K exclusion for NYS after treating the federal correctly.  But I cannot find a reference anywhere that says NYS does not follow the federal rules..  As additional info, the surving spouse moved out of NYS a few months before the house was sold (due to health reasons) so she will be filing a nonresident return.  Does anyone have any insight into this?



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    LISA SIGNORELLI
    Lisa M Signorelli CPA
    St James NY
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  • 2.  RE: surviving spouse sect. 121 exclusion for NYS - sale of principal residence

    Posted 08-15-2023 11:24 AM

    Hi Lisa

    make sure that you use US for the schedule D inputs instead of NY. this should solve the issue



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    Robert DiGiovanna
    MARK LAWRENCE & ASSOCIATES, INC.
    ROCKVILLE CENTRE NY
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    Original Message


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