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State tax filing
@Mike9241 is correct. In your case you will report the property sale to the other state and pay any taxes due. Because the stock loss that you used to offset the gains on your federal return is not available to you in the other state you will pay taxes on the full gain.
In Oklahoma you will also report the full sale. And, because you are an Oklahoma resident your loss offsets the gain in Oklahoma you won't have to pay taxes on the gain in Oklahoma. Which is good because Oklahoma does not offer you a credit for the taxes that you paid to that other state on your investment income. Some states do. Oklahoma isn't one of them. If you hadn't had that loss to offset your gain you would have paid tax on the same income twice.
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March 6, 2024
9:47 AM
1,493 Views