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Is the gain/loss on the sale of a perminate resident reportable as a Part-year resident in Colorado? If so, is the net gain reported or gross sale price?
The amounts provided by turbo tax as required for calculating Colorado Part-Year residency taxation, are extracted from the federal return tax data. I don't know how to determine how much is allocated to my residency period in Colorado. I'm assuming that since we moved to another state 10/31, that I divide the applicable gross amounts provided by 12 and times 10 months to determine the amount that is taxable. Further, I don't know how to determine the capital gain derived from the sale of our permanent home .... is it gross sales amount (i.e, $500,000) or is it the net amount (i.e., cost of sold house at purchase + remodeling costs and minus sales commission, etc.).
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‎June 4, 2019
5:51 PM