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Capital Gains on Real Estate when part-time resident in two different states.
For California State taxes declaring capital gains on real estate:
There's a point where there's a choice of choosing "Sale by Sale" or "Choose by allocation if you know the amounts". When I chose the first one it did not carry the capital gains amount over to column E on form CA (540NR). Each option gives me a different amount of taxes that I would have to pay. It is not clear to me which option I should choose. It would have been nice if TurboTax had explained the options better because this has caused me a lot of angst. Can you please shed some light on this. Thank you.
March 22, 2023
8:27 AM