topic I am a resident of Virginia and sold at a gain a second home located in North Carolina. Do I need to report the gain in each state as ordinary income or capital gain? in Get your taxes done using TurboTax

I am a resident of Virginia and sold at a gain a second home located in North Carolina. Do I need to report the gain in each state as ordinary income or capital gain?

danstegall — Mon, 22 Jul 2019 14:45:49 GMT

House was sold and closed in 2016

Re: I am a resident of Virginia and sold at a gain a second home located in North Carolina. Do I need to report the gain in each state as ordinary income or capital gain?

TomD8 — Mon, 22 Jul 2019 14:55:29 GMT

You have to report it as a capital gain in both states. But you'll be able to take a credit on your VA return for the tax paid to NC, so you won't be double-taxed.

Re: I am a resident of Virginia and sold at a gain a second home located in North Carolina. Do I need to report the gain in each state as ordinary income or capital gain?

TomD8 — Mon, 22 Jul 2019 16:00:09 GMT

"House was sold and closed in 2016"

If the gain wasn't reported on your original 2016 return(s), then you'll have to file amended 2016 return(s).