Capital Gains

WJAK · ‎February 13, 2020

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.

HelenC12 · ‎February 13, 2020

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"

HelenC12 · ‎February 13, 2020

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"

Do you have an Intuit account?