I invested in a real estate project in CA which was essentially a renovation and sale of an existing single-family home. The entire project took just under one year and I made a profit. I am also invested in other similar deals which construct 4 to 5 unit buildings which are then sold for a profit. These deals will always take more than one year from investment to sale, but to date none of these deals have finished so I have not yet realized any profit or loss. The company that puts these deals together has withheld a portion of my profit from the first project (as stated the other projects have not yet finished) as CA state withholding for non-residents.
1) As a resident of WA, do I have to pay CA taxes on the profits from these real-estate deals?
2) If so, does the time frame of the deal make a difference; i.e less than one year or more than one year or perhaps some other time frame?
3) How do I report these profits in Turbotax premier for 2024?
