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Sale of investment property

I live in Maryland and sold property (raw land) in SC.  I paid capital gains tax in SC.  How do I apply for credit in MD since the taxes were paid in SC?

 

Thank you.

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4 Replies

Sale of investment property

You MUST complete the non resident SC return first and then the resident MD return in the program ... doing this will move the required information from SC to MD.  It MUST be done in that order even if you file them the other way around ... failure to wait for both state programs to be fully functional before starting the state section can have unfortunate side affects. 

 

           IRS Forms Availability Table for TurboTax Individual (Personal) Tax Products

·         State Forms Availability Table for TurboTax Individual (Personal) Tax Products

Hal_Al
Level 15

Sale of investment property

" I paid capital gains tax in SC"

 

Do you mean that there was SC income tax withheld at the time of the Real estate Closing Sale?  If so, you still need to (and want to) file a non resident SC tax return to calculate the correct amount of tax.  The withholding was only an estimate of the tax due. It's usually estimated high and you may receive a refund.  

Sale of investment property

So do need to purchase the SC state as well?

Hal_Al
Level 15

Sale of investment property

Yes, you need to purchase the SC state as well as your home state, if you want to use TurboTax , for the SC return.

 

 

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