topic Moved to new State then sold house in first. Do I really pay capital gains tax to both States? in State tax filing

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 In June of 2019 I moved from HI to CA.  The sale of my HI house was underway and sold in July.  I used the proceeds to buy a CA home right away.   So far it looks like I'm required to pay capital gains to both HI and CA as well as Fed.  It appears I owe, let's say, $21,000 to Feds, $12,200 to HI, and another $13,000 to CA.  Is this right?  I'm stunned!  This is after the $250k exclusion on the profits from the sale.  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.  But CA also wants a similar amount because I earned the income while residing in CA.  I've been retired a few years with limited fixed income, and the home sale was meant to be my cushion for a while.  Now it feels like I'm being double-charged and will have to make installment payments for nearly a year to pay this off.   Please confirm if I'm understanding this correctly.   Thank you. 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 In June of 2019 I moved from HI to CA.  The sale of my HI house was underway and sold in July.  I used the proceeds to buy a CA home right away.   So far it looks like I'm required to pay capital gains to both HI and CA as well as Fed.  It appears I owe, let's say, $21,000 to Feds, $12,200 to HI, and another $13,000 to CA.  Is this right?  I'm stunned!  This is after the $250k exclusion on the profits from the sale.  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.  But CA also wants a similar amount because I earned the income while residing in CA.  I've been retired a few years with limited fixed income, and the home sale was meant to be my cushion for a while.  Now it feels like I'm being double-charged and will have to make installment payments for nearly a year to pay this off.   Please confirm if I'm understanding this correctly.   Thank you. 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 No.     You should be receiving a credit on your California return for the taxes paid in Hawaii.   The credit will be reported on Schedule S in your California part-year resident return.   You can do this by going into the state interview section of the program. <OL> <LI>Select California</LI> <LI>Select Credit & taxes</LI> <LI>Continue through the screens until you see the screen titled Take a look at California credits and taxes</LI> <LI>Under the section titled Personal, home, and family tax credits, select Other state tax credits</LI> <LI>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.</LI> </OL> This will allow you to take a credit on your California return so you are not taxed on the same income twice.   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 Thank you so much for the help!  That saves me thousands of dollars and I never would've found it on my own.  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.    Again, thank you!   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 you expect too much of TurboTax AI (artificial intelligence) which leaves much to be desired. 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

<title>

</title>

<link>

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

</link>

In June of 2019 I moved from HI to CA.  The sale of my HI house was underway and sold in July.  I used the proceeds to buy a CA home right away.   So far it looks like I'm required to pay capital gains to both HI and CA as well as Fed.  It appears I owe, let's say, $21,000 to Feds, $12,200 to HI, and another $13,000 to CA.  Is this right?  I'm stunned!  This is after the $250k exclusion on the profits from the sale.  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.  But CA also wants a similar amount because I earned the income while residing in CA.  I've been retired a few years with limited fixed income, and the home sale was meant to be my cushion for a while.  Now it feels like I'm being double-charged and will have to make installment payments for nearly a year to pay this off.   Please confirm if I'm understanding this correctly.   Thank you.

</description>

<dc:creator>lpasion</dc:creator>

<dc:date>2020-07-01T21:13:44Z</dc:date>

<item>

<title>

Moved to new State then sold house in first. Do I really pay capital gains tax to both States?

</title>

<link>

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

</link>

</description>

<guid>

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

</guid>

<dc:creator>lpasion</dc:creator>

<dc:date>2020-07-01T21:13:44Z</dc:date>

</item>

<item>

<title>

Re: Moved to new State then sold house in first. Do I really pay capital gains tax to both States?

</title>

<link>

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

</link>

No.     You should be receiving a credit on your California return for the taxes paid in Hawaii.   The credit will be reported on Schedule S in your California part-year resident return.   You can do this by going into the state interview section of the program. <OL> <LI>Select California</LI> <LI>Select Credit & taxes</LI> <LI>Continue through the screens until you see the screen titled Take a look at California credits and taxes</LI> <LI>Under the section titled Personal, home, and family tax credits, select Other state tax credits</LI> <LI>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.</LI> </OL> This will allow you to take a credit on your California return so you are not taxed on the same income twice.

</description>

<guid>

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

</guid>

<dc:creator>JotikaT2</dc:creator>

<dc:date>2020-07-02T21:36:58Z</dc:date>

</item>

<item>

<title>

Re: Moved to new State then sold house in first. Do I really pay capital gains tax to both States?

</title>

<link>

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

</link>

Thank you so much for the help!  That saves me thousands of dollars and I never would've found it on my own.  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.    Again, thank you!

</description>

<guid>

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

</guid>

<dc:creator>lpasion</dc:creator>

<dc:date>2020-07-03T08:54:31Z</dc:date>

</item>

<item>

<title>

Re: Moved to new State then sold house in first. Do I really pay capital gains tax to both States?

</title>

<link>

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

</link>

you expect too much of TurboTax AI (artificial intelligence) which leaves much to be desired.

</description>

<guid>

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

</guid>

<dc:creator>fanfare</dc:creator>

<dc:date>2020-07-03T12:33:54Z</dc:date>

</item>

</channel>

</rss>