Home Sale Taxation Details

Summary

In North Carolina, selling a home may incur capital gains tax if theres a profit. Exemptions exist if the home was your primary residence for 2 of the last 5 years, allowing exclusion of up to $250,000 of profit ($500,000 for married couples). Additional deductions may apply based on individual circumstances.

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In NC is the sale of the home i am living in taxable?
In North Carolina, the sale of a home may be subject to capital gains tax if you make a profit on the sale. However, there are exemptions:
- If the home was your primary residence for at least * of the last 5 years, you may exclude up to $*,* of profit ($*,* for married couples filing jointly).
- Other deductions and exemptions may apply based on your specific situation.
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