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phylliscorn
New Member

We sold rental property in ri is there a state income tax on the net proceeds if we are ri residents?

 
1 Reply
IsabellaG
Employee Tax Expert

We sold rental property in ri is there a state income tax on the net proceeds if we are ri residents?

Rhode Island taxes are based on your Federal Adjusted Gross Income. If you are a resident of Rhode Island, your entries from your federal return will transfer over to your state return, including the sale of the rental property. Any gain on the sale will be part of your income to be taxed in RI.

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