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In 2000, I moved from california to oklahoma. I owned 2 homes

in california for which I...
In 2000, I moved from california to oklahoma. I owned 2 homes in california for which I was renting out. I sold both home in 2005. I had a capital gain from selling the homes. I paid capital gains tax on my federal and oklahoma state tax. I received a delinquent tax notice from California stating I owed $14k in state income tax to California. My cpa did not file a california state tax return. My question is, am I required to pay a capital gains tax in California even though I paid it to oklahoma? If so, would I be able to receive a credit from my oklahoma state taxes paid? Can both states charge me a capital gains tax? I had a CPA do my taxes. My CPA did not mention anything about filing a state return with California. How long do I have to file an amendment with the state of oklahoma?
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Answered in 17 minutes by:
9/3/2008
Lev
Lev, Tax Advisor
Category: Tax
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Experience: Taxes, Immigration, Labor Relations
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Unfortunately - you ar e not in a very good situation.

As properties were in California - the capital gain from selling these properties is considered income from California sources and is taxable for California.

You CPA should advise you on that issue.

You do not have any choice, but to file California tax return for 2005 as a non-resident and pay income tax only on income from California sources.

 

As you was a resident of Oklahoma - you may claim a credit for taxes paid to California. You need to amend your 2005 tax return. Generally - there is three years statute of limitation on additional refund that will run out on April 15 2009

You need to use forms

511X - http://www.tax.ok.gov/it2007/511-X-A-W.pdf - Amended Resident Individual Income Tax Return (for tax years 2005 and prior)

511TX - http://www.tax.ok.gov/it2007/511TX-07-W.pdf - Oklahoma Credit for Tax Paid to Another State

Lev
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Sorry - small correction...

you need to use form 511TX - Oklahoma Credit for Tax Paid to Another State for 2005 - http://www.tax.ok.gov/oktax/it2005/511-TX-05.pdf

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