I am a full time California resident and I had rental property in Wisconsin that I sold in 2016. I have a capital gain and owe tax. Because the property is in Wis. does Wis get 100% of the state capital gain tax or is it split between WI and CA?
Technically, both states will tax the full amount of capital gain. But to avoid double taxation, California will give you a credit for all or some of the taxes paid to Wisconsin on the sale.
Please make sure you complete your Wisconsin nonresident return before starting your California return so that TurboTax gives you the correct credit on your California return.
Technically, both states will tax the full amount of capital gain. But to avoid double taxation, California will give you a credit for all or some of the taxes paid to Wisconsin on the sale.
Please make sure you complete your Wisconsin nonresident return before starting your California return so that TurboTax gives you the correct credit on your California return.
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