Capital Gains and Losses
Capital Gains Tax Questions? Ask a Tax Advisor for Answers ASAP
Hi. My name is ***** ***** I will be happy help you.
You will claim the capital gains on both, NM and TN tax return but will get a credit for taxes you pay to TN on your NM return.
What type of LLC is it? Single member, partnership or corporation?
A partnership is flow through entity, which means that the individual partners are responsible for partnership income reporting. Because the farm is located in TN you will need to file TN return (TN based source of income) and because you live in NM, you will need to report it in NM as well as out of state income. If you resided in NM for the entire year, you report your entire year income on your NM return. If the same income was also taxed by other state, you get the credit for taxes paid to other state.
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