State Tax Law - Primary Residence Sale
Does anyone know whether NC state law has any restrictions regarding primary residence property sale? I just got married in December and my husband and I are both planning to sell our current primary residences to consolidate. My closing is next week and I am taking the Federal exemption. Can he also take the exemption on his since he is the property owner or can we only take one per tax filing? I know that Federal law does not have a problem with this as we are each viewed as sole owners for our respective properties, but I'm not sure how State law views this. Thanks for any input!
State income tax law usually follows the federal income tax law, but not in all cases. Go to the NC State department of revenue website and download the instructions that cover this situation.