How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask emc011075 Your Own Question
emc011075
emc011075, Master Tax Adviser
Category: Capital Gains and Losses
Satisfied Customers: 2310
Experience:  Master Tax Adviser and Enrolled Agent
62958156
Type Your Capital Gains and Losses Question Here...
emc011075 is online now
A new question is answered every 9 seconds

Do I have to pay Ca. capital gains on property I own out of

Customer Question

Do I have to pay Ca. capital gains on property I own out of state.
Submitted: 8 months ago.
Category: Capital Gains and Losses
Expert:  emc011075 replied 8 months ago.

Hi. My name is ***** ***** I will be happy to help you.

If you are CA resident, than yes, you will have to include it in your taxable income. However, most states including CA will allow you a credit for taxes paid to another states the income is included in that state's taxable income.

For instance if you were resident of CA while you sold a property in MN, you will have to file MN return to claim the MN based income. Since the capital gain income is included in your CA income that was already taxed in MN you will get a credit on your CA return for taxes paid to MN.

Expert:  emc011075 replied 8 months ago.

I see you offline now. So if this answered your question, please take a moment to rate my response so that I may receive credit for assisting you today. You find the rating bar on the top of the page – 5 stars. However, if you need clarification, or want to discuss this issue further, let me know. Thank you.

Related Capital Gains and Losses Questions