This is not exactly what the instructions say.
They say,
You might be able to deduct 60% of the capital gain net income reported on federal Schedule D from the sale of any of the qualified Idaho property described below.
(a) Real property held for at least 12 months, or
(b) Tangible personal property used in a revenue-producing enterprise and held for at least 12 months. A revenue-producing enterprise means: • Producing, assembling, fabricating, manufacturing, or processing any agricultural, mineral, or manufactured product. • Storing, warehousing, distributing, or selling at wholesale any products of agriculture, mining, or manufacturing. • Feeding livestock at a feedlot. • Operating laboratories or other facilities for scientific, agricultural, or animal husbandry, or industrial research, development, or testing.
(c) Cattle and horses held for at least 24 months and other livestock used for breeding held for at least 12 months.
(d) Timber held for at least 24 months.
(e) Certain sales of partnership interests. See Idaho Code 63-3022H(3)(f) for more information.
So, certain property can have the gain reduced by 60%. It doesn't address other property (like out of state property).
Are you a resident of Idaho?
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