Question

If I sold, without profit, a non-rental property in NC on 25 May 18, and have not lived in the state for 2 years (I moved to Greece), do I need to file a NC return?

Forum|Forum|7 years ago
June 3, 2019
1 reply
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I moved out of NC in 2017, but allowed my daughter to live in the property, without charge. I sold the house in May, at payoff cost (no profit). Am I considered a resident simply because I owned a house there? I have no income derived from NC investments or work.

Z

Zbucklyo

Employee

The fact that you received no proceeds from the sale does not mean you didn't have a gain upon sale. The gain is equal to the net selling price (gross sales price - selling costs) minus adjusted cost basis for the house (purchase price plus capital improvements). In other words, mortgage payoffs have nothing to do with gain or loss.