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I’m about ready to sale an investment Home which I owned for…

I’m about ready to sale...
I’m about ready to sale an investment Home which I owned for 15 years. I live in Nevada but the home is in Lake Tahoe on the California Side. Would the gain on the taxes be in Calif. or Nevada?
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Answered in 5 minutes by:
3/19/2018
Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 2,180
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
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Hello!

My name is***** will assist you today.

Please give me one moment while I review your question and type my initial response

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The property will first be taxed in California because the property is in California.

Then you will also report the net income from the sale of the property to the state of Nevada because as a resident you report all your income, even if the income is earned out of state.

Please let me know your follow up questions.

Thank you!

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Customer reply replied 1 month ago
Net Gain should be about $250,000. What is the Tax Rate in California? What is the Tax Rate in Nevada? Is this tax Ordinary or capital gain?
Thank You

If you held the property over a year the sale will be taxed as Long term capital gains rate in California is 13.3%

Give me one moment to see if I can locate Nevada's current Long Term capital gains rates.

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Customer reply replied 1 month ago
Excellent! For the future do you do Corporations Tax Questions?
Thank You.

There is a transfer tax in Nevada of 5.1%, but this tax would not apply to you because the home is in CA. You will not be taxed on your capital gains by the state of Nevada.

Yes, I am able to assist you with corporate taxation questions.

Please do let me know if you have any additional questions.

Thank you

Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 2,180
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
Verified
Chad EA, CFP ® and 87 other Tax Specialists are ready to help you
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Chad EA, CFP ®
Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 2,180
2,180 Satisfied Customers
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA

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