Will I be responsable for New York capital Gains tax on real estate if I sell my...

[William H]

...cooperative unit.? I purchased the apartment in May 2004 (coming up on the 4 year anniversary) and I have made this my primary residence for the past three plus years to date. I am understanding that if I have lived there for at least two years of the past five years, I am not to pay tax on capital gains. However, I have not lived there for 5 years yet, so I am confused. I believe it does not matter if you lived there a full five years, as long as two of the past 5 years this was the primary residence. Is that correct, that it does not need to be a minimum 5 years.

[harryn55]

I have not been a tax professional for several years but I think you are OK being there 3 years. Although there may be a form that needs to be filled out anyway.