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Capital Gains

In 2016, I purchased a condo in the state of Georgia. The condo was used as a second home until it was sold in 2019.

Georgia is not my state of residence.

My question concerns Capital Gains taxes owed to Georgia?

I'm having a difficult time finding information to determine if I owe Georgia capital gains on this sale?

The money made from this sale was re-invested in real estate through a 1031 exchange.

 

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Expert Alumni

Capital Gains

Per State of GA Dept of Revenue Withholding Requirements for Sales or Transfers of Real Property by Nonr...

 

  • Like Kind Exchange – The transaction is a like kind exchange and all of the income from the sale is not subject to federal or state income tax.

Note: You must have stated that this was investment property because personal property is not eligible for 1031 exchange tax deferral.

 

 

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Highlighted
Expert Alumni

Capital Gains

Per State of GA Dept of Revenue Withholding Requirements for Sales or Transfers of Real Property by Nonr...

 

  • Like Kind Exchange – The transaction is a like kind exchange and all of the income from the sale is not subject to federal or state income tax.

Note: You must have stated that this was investment property because personal property is not eligible for 1031 exchange tax deferral.

 

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

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