topic Moved to new State then sold house in first. Do I really pay capital gains tax to both States? in State tax filing https://ttlc.intuit.com/community/state-taxes/discussion/moved-to-new-state-then-sold-house-in-first-do-i-really-pay-capital-gains-tax-to-both-states/01/1653446#M71668 <P>In June of 2019 I moved from HI to CA.&nbsp; The sale of my HI house was underway and sold in July.&nbsp; I used the proceeds to buy a CA home right away.&nbsp; &nbsp;So far it looks like I'm required to pay capital gains to both HI and CA as well as Fed.&nbsp; It appears I owe, let's say, $21,000 to Feds, $12,200 to HI, and another $13,000 to CA.&nbsp; Is this right?&nbsp; I'm stunned!&nbsp; This is after the $250k exclusion on the profits from the sale.&nbsp; Most income amounts were split by the percentage of time spent in each State, 42% and 58%, and I understand HI wants full capital gains on the sale of the property as it was located in that State.&nbsp; But CA also wants a similar amount because I earned the income while residing in CA.&nbsp; I've been retired a few years with limited fixed income, and the home sale was meant to be my cushion for a while.&nbsp; Now it feels like I'm being double-charged and will have to make installment payments for nearly a year to pay this off.&nbsp; &nbsp;Please confirm if I'm understanding this correctly.&nbsp; &nbsp;Thank you.</P> Wed, 01 Jul 2020 21:13:44 GMT lpasion 2020-07-01T21:13:44Z Moved to new State then sold house in first. Do I really pay capital gains tax to both States? https://ttlc.intuit.com/community/state-taxes/discussion/moved-to-new-state-then-sold-house-in-first-do-i-really-pay-capital-gains-tax-to-both-states/01/1653446#M71668 <P>In June of 2019 I moved from HI to CA.&nbsp; The sale of my HI house was underway and sold in July.&nbsp; I used the proceeds to buy a CA home right away.&nbsp; &nbsp;So far it looks like I'm required to pay capital gains to both HI and CA as well as Fed.&nbsp; It appears I owe, let's say, $21,000 to Feds, $12,200 to HI, and another $13,000 to CA.&nbsp; Is this right?&nbsp; I'm stunned!&nbsp; This is after the $250k exclusion on the profits from the sale.&nbsp; Most income amounts were split by the percentage of time spent in each State, 42% and 58%, and I understand HI wants full capital gains on the sale of the property as it was located in that State.&nbsp; But CA also wants a similar amount because I earned the income while residing in CA.&nbsp; I've been retired a few years with limited fixed income, and the home sale was meant to be my cushion for a while.&nbsp; Now it feels like I'm being double-charged and will have to make installment payments for nearly a year to pay this off.&nbsp; &nbsp;Please confirm if I'm understanding this correctly.&nbsp; &nbsp;Thank you.</P> Wed, 01 Jul 2020 21:13:44 GMT https://ttlc.intuit.com/community/state-taxes/discussion/moved-to-new-state-then-sold-house-in-first-do-i-really-pay-capital-gains-tax-to-both-states/01/1653446#M71668 lpasion 2020-07-01T21:13:44Z Re: Moved to new State then sold house in first. Do I really pay capital gains tax to both States? https://ttlc.intuit.com/community/state-taxes/discussion/re-moved-to-new-state-then-sold-house-in-first-do-i-really-pay-capital-gains-tax-to-both-states/01/1654659#M71746 <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif"><STRONG>No.</STRONG>&nbsp;&nbsp;</SPAN></SPAN></P> <P>&nbsp;</P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">You should be receiving a credit on your California return for the taxes paid in Hawaii.</SPAN></SPAN></P> <P>&nbsp;</P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">The credit will be reported on Schedule S in your California part-year resident return.</SPAN></SPAN></P> <P>&nbsp;</P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">You can do this by going into the state interview section of the program.</SPAN></SPAN></P> <OL> <LI><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">Select California</SPAN></SPAN></LI> <LI><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">Select&nbsp;<STRONG>Credit &amp; taxes</STRONG></SPAN></SPAN></LI> <LI><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">Continue through the screens until you see the screen titled&nbsp;<STRONG>Take a look at California credits and taxes</STRONG></SPAN></SPAN></LI> <LI><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">Under the section titled&nbsp;<STRONG>Personal, home, and family tax credits,</STRONG>&nbsp;select&nbsp;<STRONG>Other state tax credits</STRONG></SPAN></SPAN></LI> <LI><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">You will be able to enter the income earned that was allocable to Hawaii and the amount of taxes paid to Hawaii on this income.</SPAN></SPAN></LI> </OL> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">This will allow you to take a credit on your California return so you are not taxed on the same income twice.</SPAN></SPAN></P> <P>&nbsp;</P> Thu, 02 Jul 2020 21:36:58 GMT https://ttlc.intuit.com/community/state-taxes/discussion/re-moved-to-new-state-then-sold-house-in-first-do-i-really-pay-capital-gains-tax-to-both-states/01/1654659#M71746 JotikaT2 2020-07-02T21:36:58Z Re: Moved to new State then sold house in first. Do I really pay capital gains tax to both States? https://ttlc.intuit.com/community/state-taxes/discussion/re-moved-to-new-state-then-sold-house-in-first-do-i-really-pay-capital-gains-tax-to-both-states/01/1655143#M71775 <P>Thank you so much for the help!&nbsp; That saves me thousands of dollars and I never would've found it on my own.&nbsp; Seems odd that it's hidden - I would think it would come up automatically, with a list of queries to determine if it's appropriate, since the program knows when one is reporting a home sale, has moved, and is filing tax returns for both States.&nbsp; &nbsp; Again, thank you!&nbsp;&nbsp;</P> Fri, 03 Jul 2020 08:54:31 GMT https://ttlc.intuit.com/community/state-taxes/discussion/re-moved-to-new-state-then-sold-house-in-first-do-i-really-pay-capital-gains-tax-to-both-states/01/1655143#M71775 lpasion 2020-07-03T08:54:31Z Re: Moved to new State then sold house in first. Do I really pay capital gains tax to both States? https://ttlc.intuit.com/community/state-taxes/discussion/re-moved-to-new-state-then-sold-house-in-first-do-i-really-pay-capital-gains-tax-to-both-states/01/1655212#M71779 <P>you expect too much of TurboTax AI (artificial intelligence) which leaves much to be desired.</P> Fri, 03 Jul 2020 12:33:54 GMT https://ttlc.intuit.com/community/state-taxes/discussion/re-moved-to-new-state-then-sold-house-in-first-do-i-really-pay-capital-gains-tax-to-both-states/01/1655212#M71779 fanfare 2020-07-03T12:33:54Z
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topic Moved to new State then sold house in first. Do I really pay capital gains tax to both States? in State tax filing
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https://ttlc.intuit.com/community/state-taxes/discussion/moved-to-new-state-then-sold-house-in-first-do-i-really-pay-capital-gains-tax-to-both-states/01/1653446#M71668
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<P>In June of 2019 I moved from HI to CA.&nbsp; The sale of my HI house was underway and sold in July.&nbsp; I used the proceeds to buy a CA home right away.&nbsp; &nbsp;So far it looks like I'm required to pay capital gains to both HI and CA as well as Fed.&nbsp; It appears I owe, let's say, $21,000 to Feds, $12,200 to HI, and another $13,000 to CA.&nbsp; Is this right?&nbsp; I'm stunned!&nbsp; This is after the $250k exclusion on the profits from the sale.&nbsp; Most income amounts were split by the percentage of time spent in each State, 42% and 58%, and I understand HI wants full capital gains on the sale of the property as it was located in that State.&nbsp; But CA also wants a similar amount because I earned the income while residing in CA.&nbsp; I've been retired a few years with limited fixed income, and the home sale was meant to be my cushion for a while.&nbsp; Now it feels like I'm being double-charged and will have to make installment payments for nearly a year to pay this off.&nbsp; &nbsp;Please confirm if I'm understanding this correctly.&nbsp; &nbsp;Thank you.</P>
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<pubDate>Wed, 01 Jul 2020 21:13:44 GMT</pubDate>
<dc:creator>lpasion</dc:creator>
<dc:date>2020-07-01T21:13:44Z</dc:date>
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Moved to new State then sold house in first. Do I really pay capital gains tax to both States?
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https://ttlc.intuit.com/community/state-taxes/discussion/moved-to-new-state-then-sold-house-in-first-do-i-really-pay-capital-gains-tax-to-both-states/01/1653446#M71668
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<P>In June of 2019 I moved from HI to CA.&nbsp; The sale of my HI house was underway and sold in July.&nbsp; I used the proceeds to buy a CA home right away.&nbsp; &nbsp;So far it looks like I'm required to pay capital gains to both HI and CA as well as Fed.&nbsp; It appears I owe, let's say, $21,000 to Feds, $12,200 to HI, and another $13,000 to CA.&nbsp; Is this right?&nbsp; I'm stunned!&nbsp; This is after the $250k exclusion on the profits from the sale.&nbsp; Most income amounts were split by the percentage of time spent in each State, 42% and 58%, and I understand HI wants full capital gains on the sale of the property as it was located in that State.&nbsp; But CA also wants a similar amount because I earned the income while residing in CA.&nbsp; I've been retired a few years with limited fixed income, and the home sale was meant to be my cushion for a while.&nbsp; Now it feels like I'm being double-charged and will have to make installment payments for nearly a year to pay this off.&nbsp; &nbsp;Please confirm if I'm understanding this correctly.&nbsp; &nbsp;Thank you.</P>
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<pubDate>Wed, 01 Jul 2020 21:13:44 GMT</pubDate>
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<dc:creator>lpasion</dc:creator>
<dc:date>2020-07-01T21:13:44Z</dc:date>
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Re: Moved to new State then sold house in first. Do I really pay capital gains tax to both States?
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https://ttlc.intuit.com/community/state-taxes/discussion/re-moved-to-new-state-then-sold-house-in-first-do-i-really-pay-capital-gains-tax-to-both-states/01/1654659#M71746
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<P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif"><STRONG>No.</STRONG>&nbsp;&nbsp;</SPAN></SPAN></P> <P>&nbsp;</P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">You should be receiving a credit on your California return for the taxes paid in Hawaii.</SPAN></SPAN></P> <P>&nbsp;</P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">The credit will be reported on Schedule S in your California part-year resident return.</SPAN></SPAN></P> <P>&nbsp;</P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">You can do this by going into the state interview section of the program.</SPAN></SPAN></P> <OL> <LI><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">Select California</SPAN></SPAN></LI> <LI><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">Select&nbsp;<STRONG>Credit &amp; taxes</STRONG></SPAN></SPAN></LI> <LI><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">Continue through the screens until you see the screen titled&nbsp;<STRONG>Take a look at California credits and taxes</STRONG></SPAN></SPAN></LI> <LI><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">Under the section titled&nbsp;<STRONG>Personal, home, and family tax credits,</STRONG>&nbsp;select&nbsp;<STRONG>Other state tax credits</STRONG></SPAN></SPAN></LI> <LI><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">You will be able to enter the income earned that was allocable to Hawaii and the amount of taxes paid to Hawaii on this income.</SPAN></SPAN></LI> </OL> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">This will allow you to take a credit on your California return so you are not taxed on the same income twice.</SPAN></SPAN></P> <P>&nbsp;</P>
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<pubDate>Thu, 02 Jul 2020 21:36:58 GMT</pubDate>
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<dc:creator>JotikaT2</dc:creator>
<dc:date>2020-07-02T21:36:58Z</dc:date>
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Re: Moved to new State then sold house in first. Do I really pay capital gains tax to both States?
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https://ttlc.intuit.com/community/state-taxes/discussion/re-moved-to-new-state-then-sold-house-in-first-do-i-really-pay-capital-gains-tax-to-both-states/01/1655143#M71775
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<P>Thank you so much for the help!&nbsp; That saves me thousands of dollars and I never would've found it on my own.&nbsp; Seems odd that it's hidden - I would think it would come up automatically, with a list of queries to determine if it's appropriate, since the program knows when one is reporting a home sale, has moved, and is filing tax returns for both States.&nbsp; &nbsp; Again, thank you!&nbsp;&nbsp;</P>
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<pubDate>Fri, 03 Jul 2020 08:54:31 GMT</pubDate>
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<dc:creator>lpasion</dc:creator>
<dc:date>2020-07-03T08:54:31Z</dc:date>
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Re: Moved to new State then sold house in first. Do I really pay capital gains tax to both States?
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https://ttlc.intuit.com/community/state-taxes/discussion/re-moved-to-new-state-then-sold-house-in-first-do-i-really-pay-capital-gains-tax-to-both-states/01/1655212#M71779
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<P>you expect too much of TurboTax AI (artificial intelligence) which leaves much to be desired.</P>
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<pubDate>Fri, 03 Jul 2020 12:33:54 GMT</pubDate>
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<dc:creator>fanfare</dc:creator>
<dc:date>2020-07-03T12:33:54Z</dc:date>
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