Vacant land sale in another state

[semile]

How do I report the sale of vacant land in another state? We live in MN and the land sale occurred in WI.  We pay estimated tax to MN to avoid filing in two states.

[ColeenD3]

Yes, you must file a WI return. Paying estimated taxes to MN has nothing to do with WI.

I am a nonresident of Wisconsin. I sold real estate located in Wisconsin. Do I have to report the sale of this property to Wisconsin?

Yes, any gain or loss from the sale of real estate located in Wisconsin must be reported to Wisconsin regardless of the owner's state of residence. For more information on how to report this income, see the Wisconsin Form 1NPR instructions.

Wisconsin Nonresident

[semile]

The estimated taxes are for a WI pension.  

Would realtor commissions be deductible?  

Do I file the income in both states and request a credit for the tax paid on our Minnesota return, our current state of residence?  Or do I omit the sale completely from our MN return?

[DaveF1006]

Yes, omit the sale of the land on your MN return,  it shouldn't be there.  Instead you will report the sale strictly on your WI return. Realtor fees can be applied toward the basis of the land (your original price you paid for it).  That will reduce the ordinary gain on your land.  You can report the estimated tax paid to MN by: 

1. Go to federal>deductions and credits>all tax breaks

2. Estimates and Other Taxes Paid>show more>estimated tax paid>start

3. Say yes on the first screen and then you will get a screen asking when you paid it.  Click on one of the drop downs and indicate the state was MN and the amount you paid.  You will get credit for that tax.