Solved: Capital Gains Tax
Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
TurboTax has you covered during Covid. Get the latest stimulus info here.
cancel
Showing results for 
Search instead for 
Did you mean: 
fresnolad
New Member

Capital Gains Tax

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?

1 Best answer

Accepted Solutions
RichardG
New Member

Capital Gains Tax

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.

View solution in original post

1 Reply
RichardG
New Member

Capital Gains Tax

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.

View solution in original post

Dynamic AdsDynamic Ads
v
Privacy Settings