If we do owe California tax, do we get a credit for our Illinois state taxes, or do we owe state taxes in Illinois, too, because we are residents of Illinois?
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Yes. The state of California will require you to pay tax on the profit.
How California taxes residents, nonresidents, and part-year residentsThe gain or loss from the sale of real estate has a source where the property is located. If you sell your California real estate and move out of state, the gain is taxable by California. The gain is taxable by California even if the real estate is sold when you are a nonresident.
https://www.ftb.ca.gov/individuals/filertn/nonresidents-part-year-residents.shtml#how_taxed
Yes. The state of California will require you to pay tax on the profit.
How California taxes residents, nonresidents, and part-year residentsThe gain or loss from the sale of real estate has a source where the property is located. If you sell your California real estate and move out of state, the gain is taxable by California. The gain is taxable by California even if the real estate is sold when you are a nonresident.
https://www.ftb.ca.gov/individuals/filertn/nonresidents-part-year-residents.shtml#how_taxed
I am in this position for tax year 2019. My wife and I have lived in a different state for 8 years, but still belong to a real estate investment partnership in California. We sold some of that land in 2019. How do we report our share of the proceeds and pay the tax? (Meaning what form(s)
I am in this position for tax year 2019. My wife and I have lived in a different state for 8 years, but still belong to a real estate investment partnership in California. We sold some of that land in 2019. How do we report our share of the proceeds and pay the tax? (Meaning what form(s)
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