Capital Gains and Losses
Capital Gains Tax Questions? Ask a Tax Advisor for Answers ASAP
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.
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.