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Deductions & credits
You'll "settle up" with the state, as well as the IRS, when you file the tax return for the tax year in which you sold the property. So don't concern yourself with this at this time. It wouldn't matter if the closing attorney sent $50,000 to the state at the time of closing. You'll get the excess refunded to you when and if you file a return for that tax year.
‎June 6, 2019
7:09 AM