- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
State tax filing
Your property sale is taxed by Missouri and New Jersey.
It’s taxed by MO because the property is in MO so it’s MO income even if you were living in NJ when you sold it.
It’s taxed by NJ because you were living in NJ on the date of sale. NJ residents pay tax on income received anywhere.
Capital gains are sourced according to your state of residence on the date of sale.
You can use MO capital gains against the property sale on the MO return.
However the property sale would be fully taxed by NJ because you had no capital losses while living in NJ. However you can claim a credit for MO tax paid on the NJ return because the property sale is being taxed by both states.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
April 14, 2022
2:42 PM