Kansas House Flip

[tpll7g]

I flipped a house in Kansas. My residence is in Missouri. I paid a percentage of the estimated KS property tax during the sale of the house. How do I show the taxes paid, and other expenses on the Schedule D? And do I need to file anything with Kansas?

[ColeenD3]

Yes, you must file a KS tax return.

Kansas residents and nonresidents of Kansas earning income from Kansas sources are required to annually file an income tax return, K-40. Kansas income tax conforms to many provisions of the Internal Revenue Service. You will need to complete your federal income tax return prior to completing your Kansas K-40. Various electronic methods are available to both file and pay your Kansas income tax.

The KS tax you paid is not entered on Schedule D.

[Edited 4/5/2021|10:06AM EST]

[Carl]

I paid a percentage of the estimated KS property tax during the sale of the house. How do I show the taxes paid, and other expenses on the Schedule D?

Not sure I'm interpreting your post correctly. You may need to clarify a bit.

Property taxes are completely different from income tax and have nothing to do with the SCH D. Depending on your situation, property taxes are a SCH A itemized deduction, or a business deduction if you are "in the business" for flipping houses and report your house flipping income on SCH C or a separate business tax return, be it a partnership return or corporate tax return.

[tpll7g]

Thank you both for the replies. I think I am starting to understand what needs to be done.
I am not in the buisiness of flipping houses; this is my first one.
I know that I need to report to Kansas the income from the sale. But there is no W2, so I assume that ammount comes from the SCH D. Is that correct so far?

[ColeenD3]

Yes, your capital gain for the sale comes from Schedule D. Your estimated property taxes paid are a Schedule A deduction.