I am a resident of Illinois. I had capital gains on the sale of a second home in Wisconsin. I'm running Turbo Tax Home & Business app on the PC...
- I reported the gains in Investment Income - Stocks, Mutual Funds, Bonds...
- I know I will pay on the federal return for the capital gains
- I know I need to file Wisconsin's 1NPR for non-resident sale to report the capital gains
- It appears the Illinois return also reflects the gains from the home. That seems like double taxation...?
Question(s):
1. With the sale of the second home, Turbo Tax used a Standard Deduction. When I removed the sale of the second home, Turbo Tax switched to an Itemized Deduction. Why would that be?
2. If the sale of the home is reported on a Wisconsin form 1NPR, should it somehow be removed from the Illinois return. (Illinois is our state of residence.)
